Patent Terms
Once the patent term has expired, the individual holding the patent rights will lose the right to exclude others from the invention. Therefore, it is important to begin marketing (and hopefully profiting) from inventions as soon as the patent application is filed.
In order to ensure that a utility patent actually lasts through the maximum length of its term, the patent holder will need to pay periodic maintenance fees. These fees must be paid by specific dates in order to keep the patent in force. Maintenance fees are due at 3, 7, and 11 years from the date the patent is granted. There is a 6-month grace period for paying the maintenance fees without a surcharge.
If the maintenance fees are not paid by a certain time, then the patent will be abandoned and the rights gained by the patent will be lost.
