word
Legal
Patent Pool
PAY-tent POOL
/ˈpeɪtənt puːl/Listen
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Syllable breakdown
PAYtentPOOL
Dictionary meaning
An agreement between two or more patent holders to cross-license patents relating to a particular technology to each other and, often, to third parties, reducing litigation risk and lowering licensing transaction costs.
Examples
- The DVD patent pool simplified licensing for manufacturers worldwide.
- Forming a patent pool can accelerate adoption of a new industry standard.
Synonyms: cross-licensing consortium, patent consortium
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