Importance of patent
- It provides legal right to prevent others from making, using, selling, offering for sale, or importing the patented invention.
- The term of the patent is 20 years from the filing date.
- It is a right which a government gives to inventors in exchange for their sharing details of their inventions with the public.
- Patent is a property right and like any other property right, it can be sold, licensed, mortgaged, assigned or transferred, given away, or simply abandoned.
- Patents are granted by national or regional patent offices and are enforced by national laws and international treaties.
- It is territorial in nature. It protects an invention in the country in which that patent is granted.