What is patent licensing?

Patent licensing is a legal agreement that allows a patent holder to grant permission to another person or company to use a patented invention. It allows the patent holder to control how the invention is used. The patent holder is able to collect a fee or royalties for the use of the invention. This type of licensing agreement is common in the technology and pharmaceutical industries. In the United States, patent law is governed by the U.S. Patent and Trademark Office. To obtain a patent in New York, applicants must first submit a complete patent application to the USPTO. If the application is approved, the invention is then patented. Patent licensing is then allowed and a licensing agreement can be created. The agreement usually includes details about how the invention is to be used, what rights are granted, a timeline for the use of the invention, and how royalties will be paid. Patent licensing is important because it provides the patent holder with the right to control how the invention is used and to receive financial compensation. This helps to protect the invention and the patent holder from potential infringement or theft.

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What is patent licensing?

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