A patent provides the strongest protection of any type of intellectual property, conferring on its owner the right to exclude others from making, using, selling, offering to sell, and importing the claimed invention in the United States during the term of the patent. Currently, the term for utility patents filed after June 8, 1995, is twenty (20) years after the filing date of the patent application, with limited term extensions available to compensate for certain administrative delays.
The patent system serves a very positive function in the competitive marketplace, i.e. the encouragement of investment. Patents are business tools for protecting a company's R&D investments from piracy by rivals. In addition to protecting R&D investments, patents provide excellent opportunities for generating revenue through technology transactions. Patent owners may assign their patent rights, in whole or in part, in exchange for royalties, a fixed sum or other compensation. Alternatively, the rights may be licensed, exclusively or non-exclusively, in given territories and markets for limited times. Of course, the patent owner may prefer exclusively selling patented products directly to the buying public.
Patents function as bargaining chips. A comprehensive patent portfolio deters infringement allegations by competitors for fear of counterattack. Furthermore, rivals may avoid costly litigation through cross-licensing arrangements. Patents also serve as a key marketing function by legitimizing and adding prestige, credibility and recognition to a company and its technology, personnel and R&D efforts, attracting both consumers and investors.
If you would like to retain the services of a lawyer to help you consult our
lawyer directory of more than 100 attorneys around the country who have used our resources. Find answers to your questions using our extensive library of audio questions and answers.You can contact Scott directly at (904) 868-0498 or send emails to his personal attention at radiodgn@gmail.com.