What is a patent?
An exclusive right granted for an invention, which is either a
product or a process, and offers a new way of doing a work or
provides with a new technical solution to an existing problem, is
called a patent.1
What is called Patent Licensing?
Patent Licensing is an act of or a process of granting, to a
third party, permissions to extricate benefits by selling and using
the licensed product. The patent owner gives license to a third
person to use, sell and extract benefits from his patented
invention, for an amount already decided as royalty.
A patent owner can give away or transfer his interests in a
patent to a third person. The licensor gives away his rights on the
invented patented intellectual property for a period of time over a
mutual agreement. During such a period, the licensee can extract
benefits and have rights on the interest on the patent. He may use
and make the licensed design and can also gain profits during the
licensed period.
