Basic Information on Patent Renewals

There are many things that go into making an invention of any kind. Some of these things are:

• Perseverance,

• The ability to think out-of-the-box,

• A plan of action to see the project into completion and

• Protection of intellectual property as well.

When it comes to the protection of intellectual property that has gone into any kind of invention, one of the most powerful methods that anyone could deploy is a patent.

What is a patent?

Simply put, a patent is an ‘exclusive right’ that has been granted to the inventor. It is time bound and is given in exchange for detailed public disclosure and use of the invention. More importantly, it is a method by which the inventor can exclude others from using the invention in any manner for a particular time duration. It therefore becomes extremely important to understand all about patent renewals and complete the process involved in time.

Maintaining your patent

Depending on the kind of patent that you have been issued, you will need to maintain the same by being maintenance fees at specific time intervals. For instance, all utility patents that have been issued on or after December 12, 1980 are subject to the schedule of payment of maintenance fees as follows:

• First payment at 3 to 3 ½ years after the date of issue,

• Second payment at 7 to 7 ½ years after issue and

• Third and final payment at 11 to 11 ½ years after the issue.

How can you renew your patent?

You certainly have the option of retaining the services of a legal firm when it comes to patent renewal. You can also exercise the option of online patent renewal. This is a pretty simple format that allows you to:

• Upload patents,

• Check the status of the same,

• Authorize the payment of maintenance fees,

• Conduct online patent renewal automatically and even

• Receive the confirmation of the same.

There are plenty of patent renewal service providers and tools and it may be a very good idea for you to retain them because this way, you will never miss the payment or renewal for any of your important work.

Efficiency of online renewal

There are many advantages that you can enjoy when you choose to renew your patent online. For instance, you can generate details on renewal dates for each patent. You can also budget for future costs when it comes to renewing the patents. Most patent renewal services will also give you advantages such as real-time updates and information to tell you whether it is worth it to renew a patent or abandon the same.

Online patent renewal will also help you manage your portfolio in a more insightful manner. At the end of the day, the biggest benefit that you can enjoy from online renewal is the fact that you will never miss a deadline because you will get timely email reminders. The safety and security of online renewal also makes it an extremely viable, practical and useful tool when it comes to patent renewals.