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Is patent pending an asset?

Is patent pending an asset?

Although a pending patent application provides no enforceable legal rights, it may still have value as an asset. The value of a pending application relates to the expectation as to whether the patent will issue and how broad the issued claims will be, if it does.

What happens when you have a patent pending?

A “patent pending” status may discourage potential copiers from copying your invention, especially if they believe that when you eventually get granted your nonprovisional patent, they will no longer be able to continue to sell or use that invention and would lose all their investments in the product or service.

How long does it take to get a patent for an invention?

Once you submit a patent application to the U.S. Patent and Trademark Office (USPTO), your invention is “patent pending.” You are then allowed to describe your invention to others that way until your official patent is granted. This can take several years.

What happens if you change your patent application?

If you change or modify your design, you need to file another provisional patent application to cover the new modifications so that these modifications can be included in the nonprovisional application later on. A “patent pending” status does not guarantee that you’ll get your nonprovisional patent rights granted later.

When do you sue someone for patent infringement?

If someone uses your invention without permission, you can sue for patent infringement. However, you must wait to file the claim until your patent is officially granted and no longer in “Patent Pending” status. Patent infringement damages start to accrue 18 months after the patent application is filed.

How does an invention get patent pending status?

You really only need to file an application for a patent to get “Patent Pending” status for your invention. Either a provisional patent application or a non-provisional application will result in patent pending status. An invention is patent patenting upon filing any complete patent application that gets a filing receipt.

Can a third party copy a patent pending?

A “patent pending” status will not be able to stop another third party from copying your invention while it is still in “patent pending” status. However, once you’re granted your nonprovisional patent, you can retroactively pursue your claim against that third party from the date that your provisional application is published.

Can a provisional patent be used as a patent pending?

A provisional patent application may be an appealing alternative for inventors who want to start using the “patent pending” term as soon as possible. The United States Patent and Trademark Office (USPTO) does not allow an inventor to apply the words “patent pending” to an invention unless it is in good faith.

What are the benefits of a patent pending disclosure?

The main benefit of a patent pending disclosure is that it establishes a priority date for the invention and provides legal recourse to the inventor.