A patent is a form of intellectual property that provides its owner an elite right to strictly prohibit others from making, using, or selling their invention for a stipulated duration. Your patent application must incorporate at least one claim which characterizes the invention. The patent can also incorporate numerous claims in the application, every one of which characterizes a particular property right. These claims must meet pertinent patentability prerequisites, for example, novelty, usefulness, and non-obviousness.
The duration of the patent in India is 20 years from the date of filing the application, regardless of whether it is documented with temporary or complete specification. As a patentee, you need to renew the patent every year by paying the renewal fee, which can be paid every year or in a single amount. The renewal fee gets due on the commemoration of the patent’s filing date and should be paid by that commemoration day. There is no arrangement of paying the renewal fee by the end of the month.
Why do you need a patent?
A patent gives you the option to bar others from misusing the protected innovation. This “elite right” empowers the patent proprietor to recover advancement costs and get a return of investment in the development of the protected innovation. Effective patent insurance invigorates research and is a key necessity for raising the working capital.
Having a patent may assist an organization in growing by capitalizing on the market capability of its inventions. Small organizations may utilize licenses to pull in money related backing. Moreover, licenses animate the development of the national business since nearby organizations that hold licenses can draw in abroad venture and create products for export. This will help in increasing the economic growth of the country. For many companies, freedom of movement can be vulnerable. A patent provides freedom of movement to the company having many competitors. Patents provide a wide range of value to their owners.
Who can apply for patents?
In India, the Patents Act, 1970, is the central legislation managing the filling and synchronization of existing and new patents in India. The Patent Act proposes that the inventor, his representative, or his legal agent (for the situation where the inventor is deceased) can apply for patents at the administrative center (Kolkata) of the Indian Patent Office.
In any case, the application can likewise be recorded in other branches of the Patent Office (Chennai, New Delhi, Mumbai) contingent on the ward where the individual applying for the patent lives or has a home or has a principal office. If the applicant is not a citizen of India, it is necessary for the applicant to file the application for the patent in whose jurisdiction the location for administration or patent’s attorney is situated.
What can be patented?
In order to file a patent application, it has to be decided whether the product is patentable or not. For getting a patent, the product should fulfill the guidelines of the Novelty, Inventiveness and Utility (NIU) factor. Given below is a detailed description of the NIU Factor:
Novelty
Novelty means the product for which the application has to be filed is novel or new, something like this or related to this has never been registered before.
Inventiveness
Inventiveness refers to the invention of a new and creative product in order to solve a particular problem.
Utility
Utility refers to the analysis of the usage and outcome of the product for the purpose of which it was invented.
The application for filing a patent can be either made for a single invention or a group of inventions which is normally grouped under the Single Inventive Concept. There is no right time to file a patent application. You should know when to file, for which you can talk to a patent attorney. For more help with the registration of an intellectual property for your company, visit us at the Company Wizard.
