Definition of "Patent"
Ginger Wassum, Real Estate Agent
Weichert Realtors
Exclusive right granted by the government to a company or person to use, manufacture, and sell a product or process for a 17-year period without interference or infringement by other parties. As a practical matter, the useful life is usually less than 17 years because of changes in the market place and new technology. If a patent is assigned to others, royalties may be obtained.
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