UK Accounting Glossary
The legal right given to an inventor that allows them to control the use of their invention for a specified period of time.
A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
The term patent refers to the set of exclusive rights given to the inventor by the state for a particular period of time, usually 20 years, as a substitute for revealing the invention. A typical patent application must comprise one or multiple claims that define the invention and possess the properties of being new, inventive and industrially applicable or useful.
Different countries have their own rules and regulations with regard to the granting of patents. Depending on national laws and international arrangements, each country has its own procedure of granting patents, set of requirements to be fulfilled in by the patentee and the clauses of the exclusive rights granted on particular inventions.
There are certain jurisdictions where unique forms of patents are found. Details of such patents may be enumerated as below:
The chief objective of granting patents is to guarantee that anybody other than the inventor or his assignee is not involved in making, selling, using, importing or exporting the invention. However, certain subject areas, such as mental acts and business methods, are kept outside the domain of patent in some countries.
Usual patents are those that are used most of the times. Common examples of usual patents are biological patents, chemical patents, business method patents and software patents. For that matter, any invention that is concerned with composition, manufacture or construction of a substance, an apparatus or an article may be patented. Various industrial processes are also being patented nowadays.
As per patent laws, patent holders have exclusive rights to make, offer for purposes of sale, use, importing the patent for the duration of patent and sell the patent. This means that no one else is allowed to use the patented item for any of these purposes. Patents are normally provided by a government only when there is a complete disclosure of the particular invention.
Once a patent on a drug expires, other companies have the right to develop generic versions.
Albert Einstein spent many years working in the Swiss Patent Office.
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This glossary post was last updated: 15th February 2020.