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Finance & Investment,Law

December 23rd, 2023

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A patent is a legal right that is granted for an invention, product, or process that provides a new way of doing something or offers a new solution to a problem. To get a patent, technical information about the invention must be known to the public in a patent application. DOCUMENTS WHICH IS REQUIRED IN PATENT REGISTRATION · FORM 1: – Application of granting patent · FORM 2: – Specification patent form · Form 3: – Undertaking Form and Statements of Foreign Application · Form 5: – Complete applications of invention declaration · Invention abstract · Priority documents · Attorney power · Other prescribed documents PROCEDURE TO FILE A PATENT REGISTRATION STEP 1 = PATENT SEARCHES Generally, it is considered safe to do patent searches before filing a patent application. If an invention is found in the prior art or is similar to the prior art, then the originality of that invention can be challenged by the Indian Patent Office. Consequently, it is important to perform prior art searches to save money and also save time on an application. STEP 2 = PATENT DRAFTING The invention is written in the techno-legal language, which can be either with or without claims. It is the provisional specification, and with claims, it is the complete specification. The specification specifies the field of a new invention, descriptive details of the invention with working examples, and one of the best methods to perform any invention so that a skilled person can perform any art in the invention. The legal part comes with the claims of the invention, which define the legal protection sought by any inventor. STEP 3- Filling out the Patent Application · Application of the PCT national phase · Application of PCT international · Convention application · Divisional application · Ordinary application · Application of patent addition STEP 4 = PATENT APPLICATION OF PUBLICATION The application is published in an official journal and is open to the public. This is a chance given to the public to object if they have any. STEP 5 = Prosecution of the Patent The request for examination has to be filed within 48 months (4 years) of the application filing date or the date of the priority. The patent examiner examines a patent application and issues an examination report. The examination report contains a series of objections raised by the examiner. MAJOR BENEFITS OF PATENT REGISTRATION A GOOD REPUTATION IN THE MARKET Patent rights enable the inventor to get a noticeable market status and also improve. his portfolio by uncovering the invention publicly in the market. Therefore, it helps him in building up a good relationship with customers and as well as competitors that ultimately add to his revenue. Public Disclosure Patent rights allow public disclosure that also helps inventors build their portfolios by increasing funds, market value, and business partners. Sharing information related to the invention publicly will reveal the inventor’s specialisation and good command of the technical subject or matter. All these facts benefit the owner by attracting leading and high-end investors, shareholders of the company, business partners, and customers. Enhances Credibility The trustworthiness of the inventor will increase after the patent registration is finished. Privileges for Return on Investment Sometimes, the inventor finds that his invention does not show good outcomes for him and therefore wants to hand it over to any other worthy or successful person. Once obtained, the patent allows him to earn a good amount of ROI, or returns on his investments, by focusing on the particular invention. Advantageous in the Longer Run The sale of the invention will result in various advantages for the inventor. It only helps in getting a royalty of 5%, but it is highly advantageous to inventors who have the idea but don’t have the suitable money to bring the discovery to the market themselves. Prohibits Usage of Registered Inventions Registered patents interdict others from using a patentee’s creativity without the patentee’s consent. Also, in cases of the infraction, it helps in taking action against the third party.

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