Google announced this morning the launch of an experimental program that will allow it to purchase patents from businesses and other patent holders who wish to sell. The company says its new “Patent Purchase Promotion,” opening next month, is an effort to “remove friction” from a patent market that currently fraught with patent trolls, lawsuits and other wasted efforts.
On its new online portal, patent holders will be able to essentially list the patents they have for sale, and set their own prices. The marketplace will not remain open indefinitely, however – instead, Google says that it will go live on May 8, 2015, and will be available through May 22, 2015. The decision to keep it open only for a limited time means Google will have to work quickly to determine which patents it wants to buy, which benefits sellers in need of a more immediate decision.
If Google decides to buy a patent, it says it will work through due diligence with the company, and close the transaction “in short order.” In fact, the company says it anticipates that all patent sellers will be paid by late August by way of ACH bank transfer.
The portal is only open to U.S. patent submissions, it should be noted.
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