To say, the provisional patent helps the inventor/creator to establish initial ownership over its own invention on submitting the provisional specifications of the product or process.
The documents necessary to be a field for the permanent patent have to be done or filed within or in 12 months or else the application so made would be canceled completely.
A provisional patent application is an initial step, before the filing of a regular patent, for procuring a type of interim protection. The option is formed to deliver investors with an economical way to temporarily safeguard their inventions till they decide to pursue a full patent.
Only owners of registered patients are allowed to take action or sue for damages in case of patent infringement. If the inventions are not registered then the Patent protection is not enforceable.
The registration of the patent will provide a unique competitive edge for the business. Other Competitors will not be allowed to use the patented invention for similar or same goods or services.
Patent registration creates an intellectual property, which is an intangible asset for an organization. The Registered patent is an intangible asset that can be sold, franchised or commercially contracted.
There is less requirement to file a provisional patent. Even if your invention is at a conceptual stage, the minimum need is to specify the title, specify the field of the invention, its nature and possible uses to file a provisional specification.
The provisional patent permits to book the name against owners invention even before it is final.
The provisional requirement/description helps you to scrutinize the market potential of the invention made before taking the final decision of filings for a complete requirement of a patent.