patent

The grant of an exclusive right to exploit an invention. In the UK patents are granted by the Crown through the Patent Office, which is part of the Department of Trade and Industry. An applicant for a patent (usually the inventor or the inventor's employer) must show that the invention is new, is not obvious, and is capable of industrial application. An expert known as a patent agent often prepares the application, which must describe the invention in considerable detail. The Patent Office publishes these details if it grants a patent. A patent remains valid for 20 years from the date of application (the priority date) provided that the person to whom it has been granted (the patentee) continues to pay the appropriate fees. During this time, the patentee may assign the patent or grant licences to use it. Such transactions are registered in a public register at the Patent Office. If anyone infringes the patentee's monopoly, the patentee may sue for an injunction and damages or an account of profits. However, a patent from the Patent Office gives exclusive rights in the UK only: the inventor must obtain a patent from the European Patent Office in Munich and patents in other foreign countries to protect the invention elsewhere. The European Patent Office has 30 member states and receives over 160,000 patent applications each year.

A patent is a form of intellectual property and as such is an intangible asset