21:15
Feel like I can finally stop holding my breath!! Whew!!!
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Simple English definitions for legal terms
Patent and Trademark Law Amendments Act
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A quick definition of Patent and Trademark Law Amendments Act:
The Patent and Trademark Law Amendments Act, also known as the Bayh-Dole Act, is a law that allows the U.S. Government to take ownership or require licensing of inventions made by small businesses and nonprofit organizations while participating in federally funded programs. If an entity funded by the government creates an invention during a federally funded program, they must disclose it and can choose to keep the rights to it by filing a patent application. However, the government can still intervene and require the entity to grant licenses in certain situations. This law is found in 35 USCA §§ 200-212 and is also referred to as March-In Rights.
A more thorough explanation:
The Patent and Trademark Law Amendments Act, also known as the Bayh-Dole Act, is a federal law that allows the U.S. Government to take ownership or require licensing of inventions made by small businesses and non-profit organizations while participating in federally funded programs.
For example, if a small business receives funding from the government to develop a new technology, the government may require the business to disclose any inventions made during the project. The business can choose to keep ownership of the invention and file for a patent, but the government still has the right to force the business to grant licenses to others if necessary.
The purpose of the Bayh-Dole Act is to encourage innovation and the commercialization of new technologies by allowing small businesses and non-profit organizations to retain ownership of their inventions and benefit financially from them.
Patent and Trademark Depository Library | Patent and Trademark Office