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The term of a patent is the maximum time during which it can be maintained in force. It is usually expressed in a number of years either starting from the filing date of the patent application or from the date of grant of the patent. In most patent laws, annuities or maintenance fees have to be regularly paid in order to keep the patent in ...
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 ...
If an issued patent is found to be defective, the patent owner can surrender the patent and file a reissue application to correct the defect. One such defect occurs when the issued patent claims either more or less than the coverage to which the patentee is entitled, the latter situation resulting in a "broadening reissue".
U.S. patent (1985-2018) U.S. patent (2018-present) Patent applications can be filed at the United States Patent and Trademark Office (USPTO). Prior to June 7, 1995, the duration of a US utility patent was 17 years from patent issuance. Since that date, the duration of the US utility patent is 20 years from the earliest effective filing date.
The exhaustion of intellectual property rights constitutes one of the limits of intellectual property (IP) rights. Once a given product has been sold under the authorization of the IP owner, the reselling, rental, lending and other third party commercial uses of IP-protected goods in domestic and international markets are governed by the principle.
One effect of modern patent usage is that a small-time inventor, who can afford both the patenting process and the defense of the patent, [110] can use the exclusive right status to become a licensor. This allows the inventor to accumulate capital from licensing the invention and may allow innovation to occur because he or she may choose not to ...
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