Patent

Running Heading : International Business Law and Patent

International Business Law and Patent

Name

Date

School

University

International Business Law and Patent

Introduction

A patent or `invention ' is an exclusive right given to the inventor for a new product , process or apparatus , which in general is of some utility , solves a technical problem and is non-obvious to a person skilled in the art . The term non-obvious means that there would have to be an inventive step involved in the invention . The patent is usually protected for a period

of 20 years . The owner , who has the exclusive right to use the invention , can exclude others from making , selling distributing the invention without his /her consent . A person , who makes , sells , offers for sale , uses (especially a patented process imports , distributes the invention without the person of the owner would be committing a patent infringement and would be handled by the patent authority or court . The owner has the right to work the invention or permit others to work the invention on his behalf Besides , the owner can also assign the invention or license the invention to others , on mutually agreeable terms and conditions . The owner can also sell the patent to others , and in such cases , the new owner would hold the patent . After the 20 year duration , the patent protection would cease , and the invention would enter public domain Patents are needed to ensure advancement of technical sciences and to recognize the owner for creativity and innovation . They help to...