Patent RenewalsSince 1961, when Olcott’s founder Bernard Olcott first envisioned a novel application for a computer software technology system that could organize and pay annuities safely and inexpensively, Olcott International has been managing a wide range of clients’ IP portfolios and making renewal payments on their behalf worldwide.
Patent Renewal Fees
Patent annuities, maintenance fees or renewal fees must be paid to maintain a granted patent in force. Some jurisdictions require the payment of fees for pending patent applications. The amounts payable as well as the frequency of the payments are regulated by the individual countries. If a fee payment is missed, most jurisdictions will allow a 6 month grace period subject to the payment of additional surcharge fees.
Types of Patents
Approximately four months before each renewal month/renewal quarter, Olcott will provide clients with a Renewal Reminder for the subject payment month/quarter. On such Renewal Reminders, the complete case information, annuity year due and the total costs for each item will be listed. The client is asked to provide instructions within a certain time period. Upon receipt of final instructions for a specific renewal month/quarter, the client will be provided with a final invoice along with a schedule of payments to be made for all cases for which payment authorization was received.
Clients also have the option of authorizing a permanent payment order (i.e. standing payment order). Olcott will make all payments in due time, unless we receive instructions to the contrary. The client will receive documentation evidencing the renewal within 45-60 days once the payment has been made to the corresponding patent offices. Such documents can also be uploaded through the client online accounts.
IP SoftwareOlcott offers its clients a web-enabled software product "PatOrg Olcott Sphere," the optimal solution to efficiently manage your IP renewals with the highest level of integration for data exchange between systems.