A Patent is a legal authorisation or license which grants exclusive rights to make, use, or sell an invention over a certain period. The Patent grants 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 Utility Patent, one of the three categories of patents, grants exclusive rights over processes, equipment, and products to a business entity. To estimate the fair market value of a patent, business valuators apply techniques under the income, market and asset methods.