Permanent patent applications or complete patent specifications contain a comprehensive description of the invention, a step-by-step method so that the invention can be completed and the inventor’s claims to secure his/her exclusive rights over the patented item or innovative concept.
It can be defined as an authoritative document that grants someone the right to engage in a particular field of research, invention, or any other procedure of their choice in exchange for being given the privilege or power to do so. Consequently, a patent is the privilege that is granted to the “proprietor” of an invention, which means it can be anything from the product itself to the services that it provides for the end user.
When a Permanent patent is granted, the owner of the invention has the right to prohibit others from making, using, importing or selling the invention without the approval of the owner.
The following are some of the benefits of a permanent patent:
- Inventiveness test–
In the case of restrictive rights, the owner of the patent controls the usage of the creation for an entire 20 years. There is no doubt that patents can transform into businesses that can slow down their opponents for a significant amount of time.
- Capacity to sell –
It is the responsibility of the patent owner to transfer or sell his patent to a third party based on his prudence.
- Right to license –
Under Section 70 of the Act, a patent owner or grantee may grant licenses under the patent. Suppose, for instance, that the inventor of the new sound system has the right to license his rights to another party for manufacturing and selling the system.
- Right to assign–
Section 70 of the Act gives the patentee the option of partially or fully assigning his patent to the other individual(s). A written agreement must always be made in order to express licensing and assignment agreements. The agreement must be registered so that it can be evaded litigation in the future.
- The right to exploit the patent –
In section 48 of the Patent Act, 1970, the patentee or his assignee, his licensee, or his agent is granted the right to exploit the patent in the circumstances under which the patent is exercised, as defined in section 47 of the Act.
- More noteworthy CREDIBILITY –
Patented products are likely to enhance brand recognition, which may allow the business to charge a premium. Patent ownership would significantly increase the value of a patentee’s business.
- The Right to surrender the patent –
Section 63 of the Act provides that a patentee may surrender his patent at any time by notifying the Controller. Before accepting the offer of surrender, the Controller publishes it in India so that any parties with an interest, such as licensees, can oppose it.
- Right to sue for infringement –
It is only when the Act grants the patentee the right to take legal action for the protection of his patent rights that the patent can be meaningful and last. If infringement occurs, the patentee, his assignee, licensee, or agent may file a civil suit in a court not lower than District Court.