What does a Patent mean?
Posted by Sanaa on November 10, 2008
Patent is the right granted to an Inventor to prohibit others from making, selling, importing, or offering an invention for sale, by the Federal Government, for a fixed period of time. In other words, a patent is a set of exclusive rights granted by a state to an inventor or his assignee for a fixed period of time. For example, Whitcomb Judson received a patent for 17 years, for the zipper which was granted in 1893. During this period, he was solely entitled to manufacture and sell this invention.
The term “Invention” can be interpreted in a broader sense. Any new thing such as article, machine, composition, process, or new use, developed by a person can be covered within the ambits of ‘Invention’. For example, in 1988, on behalf of Harvard University, the first patent was issued to Drs. Leder and Stewart, for a new animal life form personified in a genetically altered mouse. This new form of life is an invention.
The patent rights can be secured for 17 to 18 years after paying certain fees. Once this period expires, the invention can be copied by anyone.
Any form of personal property can be regarded as a patent. It can be sold out like any other thing upon payment in lump sum. It can also be licensed to anyone to utilize the invention upon some royalty payments. However, under the State’s intestate succession laws, transfer of patents can be made by way of gift, will, or descent.
