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So here's where it gets confusing - the company does have a patent for one part of this product. Yet, I have seen many other manufacturer's using the exact same thing. So my question is - can this ONE part be patented if used in a different way?
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Yes.
Just because others are using it does not mean it is not patented. The patent may be very narrow, and the other uses are not covered by the patent. The other users may have taken a license. The other users may just not have been caught yet. The patent holder may not be interested in enforcing his patent. Who knows?
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Example: okay, this is the only thing I can think of but lets say...you know that piece of luggage that swivels? If I were to use just the swivel, but on a totally different product would that be considered patent infringement?
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As the other posted noted, it would depend on what is claimed.