Rights of a Patentee
The owner of the "Patent", i.e. patentee is entitled to deal with such property in the same manner as owner of any other moveable property.
The patentee can sell the whole or part of this property (Patent).
He can also grant license to other(s) to use the patented property.
He can also assign such property to any other(s).
Such sale, license or assignment of such patented property naturally has to be for valuable consideration, acceptable mutually.
Period of Patent
In respect of process patents relating to drugs and food, the term is five years from the date of sealing the patents or seven years from the date of the patent whichever is shorter.
In respect of all other patents the term is fourteen years from the date of the patent. A patent is kept alive only by paying the renewal fee from time to time