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Design & Technology
Pages 15 (3765 words)
Modular Design and Prefabrication Solutions: Realising Patent Value Name: Institution: Introduction According to the Oxford dictionary, a patent refers to a licence, which is awarded to an individual or organisation, by a government body, to assert the person’s right to deter others from making, selling or using an invention…
Ideally, patents are granted to inventors or to their assignees for a set duration of time and they require that the inventor publicises the invention. International agreements offer a bridge between different countries’ patent laws and protect inventors from global competition. For instance, the World Trade Organisation (WTO) established the agreement on trade-related aspects of intellectual property rights (TRIPs) to protect inventors in its member countries. This institution mainly focuses on invention in the industrial sector. The WTO provides for international harmonization of patents among different nations. For instance, under article 33 of the WTO TRIPs agreement, the protection duration for all patents is a minimum of twenty years. This offers an international benchmark for exemplifying the term of a patent (Bettig, 2003). Patents have been in existence for the last few centuries beginning in Sybaris, a Greek city in 500 BC, where national leaders offered encouragement to those who invented refinements in luxury. Here, patents were awarded for one year, and all revenue emanating from the invented object was bestowed upon the inventor. ...
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