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"The patent internalizes the externality by giving the [inventor] a property right over its invention." [108] In accordance with the original definition of the term "patent", patents are intended to facilitate and encourage disclosure of innovations into the public domain for the common good.
A patent is an exclusionary right – preventing others from entering the market – and so its effect may be to increase the patent proprietor's income from that market. The major economic effect is the exclusivity period of the patent rights, when exploitation pays back for the enterprise that funded research and development. However ...
Valuation of patent rights is one of the main activities related to intellectual property management within an organization or company. Indeed, knowing the economic value and importance of the intellectual property rights assists in the strategic decisions to be taken on the company's assets, but also facilitates the commercialization and transactions concerning intellectual property rights.
Business method patents are a class of patents which disclose and claim new methods of doing business. This includes new types of e-commerce, insurance, banking and tax compliance etc. Business method patents are a relatively new species of patent and there have been several reviews investigating the appropriateness of patenting business methods.
The issue of novelty often arises during patent examination, because of inadvertent and/or partial disclosures by inventors themselves prior to filing a patent application. [citation needed] Unlike the laws of most countries, the US patent law provides for a one-year grace period in cases of inventor's own prior disclosure. [28]
Intellectual property valuation is a process to determine the monetary value of intellectual property assets. IP valuation is required to be able to sell, license, or enter into commercial arrangements based on IP.
Patent licensing & enforcement companies ("P-LECs"): [citation needed] These are firms that acquire patents for the sole purpose of securing licenses and/or damages awards from infringing parties. Another name for a P-LEC is " patent troll ," although this is viewed as a pejorative reference.
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 ...