What is the function of patents?
A patent allows the owner to enforce patent rights through an infringement action seeking monetary damages or an injunction. Affixing the term “patent pending” serves as an alert to the public about existing patent rights. Patents also serve as a source of information, since patent documents are classified by their technology and are searchable through such websites as the PTO and LexPat. Patents are focal points of licensing agreements, R&D agreements, start-up companies, and other sources of funding. After filing a patent, the inventor should be vigilant about comparing ongoing research work with it so that subsequent improvements can be filed, otherwise valuable additional coverage might be lost.
