5. The Patent to confer exclusive privileges for three years.
6. With these privileges is conjoined the right of granting licences.
7. An agent or assignee, fully empowered to negotiate for the patentee, must reside in each State.
8. Commissioners shall appraise each invention at the end of the second or third year (or later, if deemed advisable).
9. In estimating the value, the Commissioners shall be entitled to claim the advice of practical men, and may take into view all circumstances affecting value—such as the originality of the invention, and its importance; the probability of its being soon made by another; the expense and hazard of preliminary experiments and trials; the benefit it is calculated to confer; the gain which use and licences during the three years will bring the patentee.
10. If the patentee resign his monopoly before its term expires, this concession to the public shall be regarded in the price.
11. The Commissioners shall adjudicate in what proportions each State shall pay the price fixed, on the basis of population, revenue, or commerce.
12. They may recommend a further grant, as an honorarium, in special instances of singular merit.
13. Their valuation and grants must be framed on the basis of a total yearly expenditure on inventions of not more than one million pounds sterling at the utmost, from all countries of the union, of which sum, however, no one country can be called upon for more than £100,000 in one year, nor more than £1,000 for one invention.
14. The Commissioners shall be entitled to recommend for honorary medals, ribbons, or certificates, real inventors of strong claims, especially such as voluntarily shorten, or never exercise, the exclusive use of important inventions.