What is a Patent?

May 11, 2008
Intellectual Property News and Interesting Facts

What is a patent? A patent is an exclusive right granted by the State for a specific period of time to an inventor or other entitled person, in exchange for a full disclosure of that invention to the public. A patent is property and may be sold, mortgaged, assigned, transferred, given away, or simply abandoned. It may also be licensed for others to use via a license agreement in which the patentee retains all rights of ownership, but the right to use the invention is licensed out for a fee. A patent provides the patent owner with the right to exclude all others from exploiting the invention for the duration of the patent, which is normally 20 years from the date on which the first application is filed.