Other than getting an IP right granted, renewal payment is an important aspect that is to be taken care of to maintain the granted patents/trademark/design by regularly paying renewal fees or patent maintenance fees, which are also termed as Annuities. Missing to pay the maintenance fee or renewal fee can be costly, with the IP right holders sometimes losing out on the right to the IP asset altogether.

Hence, renewal/annuity payment is an important milestone to be taken care of at the road of the term of the IP asset.
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