Intellectual property is an exclusive set of rights given to the owner. These rights are given over

Between 1790 and 1860, the Patent and Trademark Office of the federal government issued just 36,000 patents- licenses that give an inventor the exclusive rights to make, use or sell an invention for a set period of time

After a year of working with her process, Thomas applied for a patent on December 28,

Record the bond issue on January 1, 2012, and the first two semi-annual interest payments on June 30, 2012, and December 31, 2012.

do not have any specific repayment provisions other than the overall expiration date of the

DEFAULT. In the event that the purchaser fails to make the payment required hereunder, the seller shall notify the purchaser in writing, and the Purchaser shall be allowed 2.5 months (75) days to cure said default. If such default is not cured within said 75 day period, then the purchaser shall forfeit this agreement and his/her right to transfer of those shares of stock as provided herein. Notwithstanding any default in payment by the purchaser and subsequent declaration of

Marvel Entertainment Inc. then decided to buy (pay a lump sum) the patent from Kimble and also pay 3% royalties on top of the lump sum. This contract never stated how long Marvel would pay royalties to Kimble for. Both parties assumed at the time that it would be forever or as long as the

STL needs to be turned in to the owning unit within 90 days of issue or 90 days from the date of the extension of the temporary hand receipt.

Jan.–June Developed a new product, incurring $230,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life.

Required to tender payment within 30 days, or the time specified in the policy, after (a) accepting liability, (b) reaching an agreement on the amount of the claim, or (c) have the receiving documents necessary to consummate the settlement (Code r. 482-1-125-07(6).

A patent is a twenty year exclusive monopoly on the right to make, use and sell a qualifying invention. This legal monopoly is considered a reward for the time and effort expended in creating the invention. In return, the invention must be described in detail to the Patent Office, which publishes the information, thus increasing the amount of technological knowledge available to the public. To obtain a U.S. patent, an inventor must apply to the Patent Office and demonstrate that the invention is new (as compared to prior technology), useful, and "nonobvious." An invention is nonobvious if it is more than a trivial, obvious next step in the advance of the technology. Software patents can be extremely powerful economic tools. They can protect features of a program that cannot be protected under copyright or trade secret law. For example, patents can be obtained for ideas, systems, methods, algorithms, and functions embodied in a software product: editing functions, user-interface features, compiling techniques, operating system techniques, program algorithms, menu arrangements, display presentations or arrangements, and program language translation methods. Since patent rights are exclusive, anyone making, using or selling the

Second, to ensure a maximum benefit to the public, drafters included a federal “March-in Right”. If a university “has not taken, or is not expected to take within a reasonable time, effective steps to achieve practical application of the subject invention[,]” the government may invoke its march-in right. Under this provision, agencies can require a university or exclusive licensee of a subject invention to license the subject invention to any responsible applicant.

In essence patents create a monopoly on a product or invention for a limited period of time (Lau & Johnson, 2013)

Large pharmaceutical companies spend millions of dollars and many years developing new and innovative medications. To protect their investment of time and money, they apply and are granted patents from the government, which gives the scientist and pharmaceutical companies a protected period of time that they can be assured that others will be prevented from selling their invention (Williams & Torrens, 2008). This protected period of time gives these companies a period of time that they can sell their new product at

A patent is a right granted to a person or legal entity (corporation) giving them the exclusive right to their inventions for a period of 20 years. This protects the new inventions and prevents others from using the invention without necessary permission from the inventor or their employer. The inventor has a right to how the invention is made, and how it is been used. In exchange for this right, the patent owner makes technical information about the invention publicly available in the published patent document. (Anon., 2016)

The tiny holes in the mask and the gel formula constitute new information under s1(1)(a) Patents Act 1977 (“PA 1977”);