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This Standard applies to monetary valuation of patents and similar industrial technical property rights like utility models.

For companies, innovation is the most effective way to keep ahead in the marketplace, and patents are valuable assets to help companies keep competitors at bay. Managers and other decision-makers, who are increasingly having to assess e monetary value of patents, will find  this standard an invaluable aid. It specifies the principles, valuation approaches and influencing factors to be considered and prioritizes the different valuation approaches according to the availability of relevant information. 

The objective of the standard is to establish a framework for the monetary valuation of patents. Reports prepared according to the standard are comprehensible and verifiable for valuation experts, as well as understandable for the addressee.  In the standard, the term “patents” also includes similar industrial property rights such as utility models and patent applications.