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 and excludes others from making, using, or selling the patented invention. Patents are intangible assets which secures the sole right to manufacture or market certain products or inventions and as a result entitles the holder to the economic benefits associated with the license. A Plant Patent, one of the three categories of patents, grants exclusive rights over an invented or new plant. To estimate the fair market value of a patent, business valuators apply techniques under the income, market and asset methods, a situation made possible by the fact that a plant patent can be recognised and the associated economic benefits reliably measured.