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This is a list of legal terms relating to patents and patent law.A patent is not a right to practice or use the invention claimed therein, but a territorial right to exclude others from commercially exploiting the invention, granted to an inventor or their successor in rights in exchange to a public disclosure of the invention.
A 2023 study by Rochester Institute of Technology found the full term maintenance rate of issued US patents has been fairly constant (40-50%) since 1992. Full term patents have more issued claims and receive on average more citations than earlier expired patents. [96] The European Patent Office charges annual fees for pending applications.
The accounting equation is the mathematical structure of the balance sheet. It relates assets, liabilities, and owner's equity: Assets = Liabilities + Equity (in financial accounting, the term equity, not Capital, is used) Liabilities = Assets − Equity Equity = Assets − Liabilities. Assets are reported on the balance sheet. [11]
However, patent term adjustment or extension are possible if the USPTO fails to issue a patent within 3 years after filing the full application, subject to various conditions on the applicant. [ 29 ] [ circular reference ] The rules for drafting and filing a patent application are set out in the Manual of Patent Examining Procedure (MPEP).
The original patent term under the 1790 Patent Act was decided individually for each patent, but "not exceeding fourteen years". The 1836 Patent Act (5 Stat. 117, 119, 5) provided (in addition to the fourteen-year term) an extension "for the term of seven years from and after the expiration of the first term" in certain circumstances, when the inventor hasn't got "a reasonable remuneration for ...
For patents filed prior to June 8, 1995, the term of patent is either 20 years from the earliest filing date as above or 17 years from the issue date, whichever is longer. Extensions may be had for certain administrative delays. The patent term will additionally be adjusted to compensate for delays in the issuance of a patent.
The patent system is designed to encourage innovation. This is because patents, by conferring rights on the owner to exclude competitors from the market, presumably offer the incentive for people to study new technology.
Useful (in U.S. patent law) or be susceptible of industrial application (in European patent law [1]) Usually the term "patentability" only refers to the four aforementioned "substantive" conditions, and does not refer to formal conditions such as the "sufficiency of disclosure", the "unity of invention" or the "best mode requirement".