understanding financial jargon
A patent is a form of intellectual property. A patent consists of a set of regional exclusive rights granted by a government to an inventor (or their assignee) to manufacture, use, or sell an invention for a limited period of time.
Patents are used by companies to protect their investment in new innovative products and processes, in order allow them to reap the benefits of their inventions before others can profit from the new innovation.
Patent protection usually lasts between 14 and 20 years depending which jurisdiction the patent is registered in. Where a company wishes to obtain a patent over number of jurisdictions, they may have to register the patent with the appropriate government authorities in each country they require patent protection for.
What to do if you need more help
If you need more help with your specific commercial loan, mortgage or insurance requirement please speak to a professional financial adviser.
We hope you found this information useful.
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