What is Patent
Inventions as an out come of research or an improvement therein termed as innovation are basically related with a term “monopoly”.This is in fact the act of recognition of the hard work, labour and other factors faced by an individual researcher or a group by the civilized society. The said recognition when awarded by the state in termed legally as a “patent Right”.
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Benefits of Patent
The historical purpose of the patent system was to encourage the development of new inventions, and in particular to encourage the disclosure of those new inventions. Inventors are often hesitant to reveal the details of their invention for fear that someone else might copy it. A government granted temporary monopoly on the commercial use of their invention provides a remedy for this fear. After the monopoly period (usually 20 years) expires, everyone else is free to practice the invention. And because of the disclosure made by the inventor, it is very easy to practice the invention
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