Patent refers to the right given to a certain creator or inventor that is usually given by the government. This right is important since it protects the creator and most especially, the products invented from intervention coming from his or her fellow inventors. Patent plays an essential role in the protection of the rights of the products and their creators. In other words, only the inventor of a certain product owns the exclusive rights to that item and nobody else.
This explains that when patent is given and approved, it is considered to be the patent holder’s property. For this reason, no other company or individual could alter or change the product or create a similar product.
Patent pending is the label often given to manufactured items explaining that a creator has filed or applied for an application of patent and is still undergoing a process of approval. This kind of application is considered to be not finalized and there’s no assurance that it would be granted. This means then that the inventor is not guaranteed a protection yet for his product and competitors could still take advantage of his inventions or products and even sell them.
It should be understood, though, that only after or as soon as the product was made could patent pending be labeled to that specific product. Nevertheless, just like any other application or agreement made, patent pending would not be valid if no patent application was filed. Companies should also be responsible when using the term because they don’t have the authority to use it for fraudulent means and no real patent application was actually filed. People caught doing this would be given appropriate punishments such as payment of fines.