A patent is an exclusive right to a product that usually provides a new method of doing something, or provides a new technical resolution to a problem. To obtain a patent, technical information concerning the invention should be revealed to the public in a patent application. The patent owner could offer permission to, or license, other parties to utilize the invention on reciprocally in agreed terms. The owner might also sell the right to the innovation to someone else, who will then be converted into the new owner of the patent.
Once a patent expires, the protection ends, and an invention enters the public ownership; that is, anybody can commercially develop the invention devoid of infringing the patent. A patent owner has the correct to choose who may – or may not – employ the patented creation for the period within which the invention is sheltered. Especially, patent protection means that the invention can’t be commercially prepared, used, scattered, imported, or sold by others exclusive of the patent owner's consent. In several countries, patent protection could also be extended beyond twenty years or a Supplementary Protection Certificate (SPC) can be issued in very specific cases.
The extension aims to reimburse for the time exhausted on the executive approval procedure before products are often placed on the market. The time taken for this procedure means that the patent owner might occasionally not be able to benefit from his right for a substantial period of time after the grant of the patent. Maintenance fees or renewal fees are fees that are paid to keep up a granted patent in force. Some patent laws need the payment of maintenance fees for awaiting patent applications.
Not all patent laws need the payment of maintenance fees and completely different laws offer different regulations regarding not only the amount payable but also the regularity of the payments. In countries anywhere maintenance fees are to be paid annually, they’re sometimes called patent annuities.