A Patent is a legal authorisation or license which grants exclusive rights to make, use, or sell an invention over a period. The Patent grants the sole rights to the owner to manufacture or market certain products or inventions and as a result, entitles the holder to the economic benefits associated with the license. A Patent qualifies as an intangible asset which can be recognised and reliably measured and guarantees exclusive rights over the economic benefits to the owner. Intangible assets are a class of assets without physical form yet can present significant value to the owners. To value and estimate the fair market value of a patent, business valuation analysts apply techniques under the income, market and asset methods.