Google has announced the launch of an experimental Marketplace that will allow it to purchase patents from businesses and patent holders who are willing to sell patents. Google believes that its new program of Patent Purchase Promotion will help the company to eradicate the friction in patent market caused by Patent trolls, Lawsuits and other wasted efforts.
Google said that the program so launched will be on an experimental basis and will remain for a short window of time from May 8, 2015 to May 22,2015.This short duration will lead to a quick buying from Google. The company said that while buying a patent from marketplace a due diligence will be done and the transaction will be closed "in short order" and all the stake holders will be paid by late August this year through ACH bank Transfer.
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