The first year that your new company is in business goes very well. You’ve created a new product that clearly addresses a problem and meets a need. Consumers are happy to buy it, and you make plans to expand your product line.
Then sales start to drop in your second year. You don’t know what’s happening. After a little investigating, you find out that someone else has made the same exact product, infringing on your patent. They’re selling it for far less after stealing your idea. That’s where all of your potential customers are going.
You know that you want to file a lawsuit to protect your patent and your business. You also want to seek compensation for the money you have lost through direct sales and damage to your brand. Your only question is how soon you need to do it. Is there a statute of limitations?
There is, and it sits at six years. That’s how long you have, beginning at the date of the infringement, to begin the suit.
It is important to know that there is a statute of limitations so that you do not accidentally miss the deadline and cost yourself a lot of money. That being said, you probably want to act as quickly as possible anyway since you’re actively losing sales to the competition, and so odds are you’re not going to have any issues with this six-year limit.
To get the process started, make sure you know exactly what steps to take. The law is on your side, and you need to know how to use it properly to protect what you’ve worked for over the years.