The invention must be novel useful and not

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Unformatted text preview: laws began with the Paris Convention, which in turn prompted the Madrid Agreement of 1891. Today, international trademark law efforts and international registration are overseen by the World Intellectual Property Organization (WIPO), an agency of the United Nations. Patent Patents are given to individuals or companies to grant them legal ownership of, and enable them to exclude others from using or copying, the invention covered by the patent. The invention must be novel, useful, and not obvious—which means, for example, that a company could not patent air. Thank goodness. If a company figured out how to patent air, we would have to pay for each and every breath we took! After the inventor completes an application for a patent and it is approved, the patent grants a limited property right to exclude others from making, using, or selling the invention for a specific period of time. For example, when a pharmaceutical company ch10.indd ch10.indd 862 12/4/2009 11:39:08 AM All-in-1 / CISSP All-in-One Exam Guide, 5th Ed. / Harris / 160217-8 Chapter 10: Legal, Regulations, Compliance, and Investigations 863 develops a specific drug and acquires a patent for it, that company is the only one that can manufacture and sell this drug until the stated year in which the patent is up (usually 20 years from the date of approval). After that, the information is in the public domain, enabling all companies to manufacture and sell this product, which is why the price of a drug drops substantially after its patent expires. This also takes place with algorithms. If an inventor of an algorithm acquires a patent, she has full control over who can use it in their products. If the inventor lets a vendor incorporate the algorithm, she will most likely get a fee and possibly a royalty fee on each instance of the product that is sold. Similar to trademarks, international patents are overseen by the WIPO. However, the WIPO does not override patent rules, such as time periods, unless the country agrees by treaty to accept the WIPO. N OTE NOTE A patent is the strongest form of intellectual property p...
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This note was uploaded on 06/01/2013 for the course NET 125 taught by Professor Hurst during the Fall '12 term at Wake Tech.

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