Definition
The patent term is the length of time a patent remains enforceable, generally 20 years from the filing date for utility patents, subject to maintenance fees.
Why It Matters Legally
The patent term defines the window for exclusivity and revenue. Term adjustments and extensions can add valuable time, while failure to pay maintenance fees can cut the term short.
Example Use Case
A pharmaceutical company tracks its patent term carefully because each additional month of exclusivity on a blockbuster drug can be worth millions.
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Related Terms
Maintenance Fees, Patent Term Adjustment, Patent Expiration, Filing Date, Utility Patent