the independent inventor to attempt either the sale or licensing of the patent, he or she must first identify the potential buyers/ licensees. Once a potential buyer is located, one must then place a value on the patent. If the product covered by the patent has not yet been commercially produced, it may be quite difficult to determine accurately the value of the patent. Therefore, the patent owner may wish to license the patent and obtain a royalty on the future commercial exploitation of the patent. The specific terms of each individual license would have to be negotiated with the licensee. A typical license agreement might include a lump sum payment to be made immediately upon the licensing of the patent, as well as a royalty to be paid for each patented product produced. A license may be exclusive, granting all the patent rights to a single licensee. Alternatively, a license may be nonexclusive, so that the patent owner may license several different licensees. The length of the license can be for any term agreeable between the parties, not to exceed the life of the patent. SUMMARY A patent, as previously indicated, gives one the exclusive right to prevent others from making, using or selling the patented invention. In essence, it is a government created monopoly that allows only the patent owner to make, use or sell the patented invention, subject to any other existing patents. The life of a granted U.S. utility patent filed on or after June 8, 1995 is 20 years from the date of filing. In other words, third parties would not be able to begin making, using or selling the patented invention until after the 20 year period expired. Thus, the patent owner would have a number of years to establish a market share as the sole supplier of the patented invention.
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