Common Contracts
1 similar Patent Agreement contracts
Global Innovation Commons (G.I.C.)Patent Agreement • March 10th, 2010
A patent is a contract between an inventor and the public. In order to promote and reward innovation, the contract states that if an idea is (i) novel, (ii) non-obvious, and (iii) reduced to practice, the inventor or innovator, upon registration and full public disclosure of the innovation is thus provided a time limited monopoly to use the idea in commerce for one 20 year term. Under worldwide recognized trade laws, an applicant must file, within one year of initial filing, in each additional jurisdiction for which they want patent protection. After the initial one year period, no additional jurisdictional protection can be achieved and the technology is generically available to be developed by anyone.
