The new Intellectual Property Act 2014 — guidance for inventors, innovation businesses and patent owners

By Laura Harper

The Intellectual Property Act 2014 received royal assent on 14 May 2014. The act will come into force between October 2014 and the end of 2015.

Stemming from the Hargreaves Review on intellectual property reform, the act seeks to modernise certain aspects of intellectual property law. The main intellectual property rights affected by the act are design rights and patents. This note focuses on the changes made to patent law.

Patents protect inventions — broadly, novel products or processes. Once you have a registered patent it gives you the exclusive right to exploit that patent for a period of 20 years provided that renewal fees are paid to the Intellectual Property Office (IPO) every five years…

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