The patent is an exclusive legal right provided by the Government for an invention. There are two types of patent, namely, product and process patents. The registration of a patent confers on the patentee the exclusive right to use, manufacture or sell his invention for the term of the patent. The term of a patent is for 20 years. To be patentable, an invention must satisfy certain criteria, like industrial applicability, new and inventive, not frivolous, etc. There are also certain categories of inventions which are declared as non-patentable.
Benefits of Patent
Patent is the most valuable of Intellectual Property Rights. It creates an intangible asset that can be sold, assigned or franchised at a premium value.
With 20 years of exclusive rights, the product/service will enjoy a monopoly in the market.
A registered patent enables the owners to approach the courts for a remedy. Unregistered patents do not have this privilege.
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