A patent for an invention is the grant of a property right to the inventor, issued by the federal agency charged with administering patent laws, the U.S. Patent and Trademark Office. The term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. US patent grants are effective only within the US, US territories, and US possessions.
Puerto Rico License of Rights under Patent is a legal document that provides authorization to individuals, organizations, or businesses to utilize or exploit patented inventions within the jurisdiction of Puerto Rico. This license allows the licensee to exercise the exclusive rights conferred by the patent owner, enabling them to manufacture, distribute, sell, import, and use the patented technology or invention. Obtaining a Puerto Rico License of Rights under Patent requires an agreement between the patent owner, also known as the licensor, and the individual or entity seeking the license, referred to as the licensee. The agreement clarifies the terms and conditions under which the license is granted, including the scope of the rights, duration of the license, royalty fees, and any restrictions on use. There are different types of Puerto Rico License of Rights under Patent, each catering to specific requirements and circumstances. Some notable types include: 1. Exclusive License: This type of license grants the licensee the sole right to utilize the patented invention. It prevents the patent owner from granting licenses to other parties or exploiting the invention themselves within the specified jurisdiction. 2. Non-exclusive License: With a non-exclusive license, the patent owner can grant multiple licenses to different parties simultaneously. This allows for broader utilization of the patented invention while providing flexibility to the licensee to market and develop the technology. 3. Compulsory License: In exceptional cases, Puerto Rico may grant a compulsory license, which allows a third party to use the patented invention without the patent owner's consent. This typically occurs in circumstances where it serves the public interest, such as during a health crisis or if the patent owner fails to exploit the invention adequately. 4. Cross-License: A cross-license involves two or more parties granting each other licenses to use their respective patented inventions. This type of license facilitates collaborations, technology-sharing, and the development of new innovations. The Puerto Rico License of Rights under Patent is a crucial legal instrument that promotes innovation, economic growth, and ensures fair and equitable access to patented technologies. It provides a structured framework for licensing agreements and encourages technological advancements by efficiently leveraging intellectual property rights.
