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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".
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. Prior to June 7, 1995, the duration of a US utility patent was 17 years from patent issuance.
The ability to assign ownership rights increases the liquidity of a patent as property. Inventors can obtain patents and then sell them to third parties. [71] The third parties then own the patents and have the same rights to prevent others from exploiting the claimed inventions, as if they had originally made the inventions themselves.
For instance, if a renewal fee was due in February 2004, the additional fee fell due on August 31, 2004 (Tuesday), i.e. 6 months from the end of February 2004. The obligation to pay renewal fees terminates with the payment of the renewal fee due in respect of the year in which the mention of the grant of the European patent is published. [13]
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