NEWSLETTER (AUGUST, 2024)
"Amended Korean Patent Act: Strengthened Punitive Damages Up to Five Times for Technology Theft"
The amended Korean Patent Act, which has been in effect since August, includes provisions to strengthen the rights of patentees.
Specifically, the revised Patent Act includes provisions to strengthen the limit of punitive damages for acts of technology theft to five times, the highest in the world.
Related Patent Article; Article 128 of the Patent Act (Right to Claim Damages, etc.)
In cases where the court determines that an act of infringing another person’s patent right or exclusive license was intentional, the court may, notwithstanding paragraph 1, determine the amount of damages within the range of not exceeding five times the amount recognized as damages pursuant to the provisions of paragraphs 2 through 7.
Implications
As a result, it is expected that the protection of patent holders in Korea will be significantly strengthened.
|
