Patent
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A patent grants certain rights to an invention to a inventor. Among the rights conveyed is the exclusive right to utilize the invention named in the patent. This gives an incentive for inventing useful things, as the inventor can earn fees, also known as royalties, by obtaining a patent and then licensing it to others. There are several types of patents.
In the United States, the term of a patent (filed after 1995) is 20 years from the earliest filing date.