Overview of a Trade Mark Assignment
What is Trademark Assignment?
A Trademark Assignment allows a trademark owner to transfer the rights, title, and interest in a trademark. It is the assignment of a trademark to another party in writing under the supervision of an attorney. It includes transferring trademarks such as words, phrases, and logos from one entity to another.
A Trademark Assignment differs from a Trademark License Agreement, which grants permission to use a mark in some manner but does not transfer any rights in the trademark.
A Trademark Assignment helps ensure that the rights in a trademark are clearly identified and transferred and that both parties are clear on their rights and remedies.
What is the purpose of a trademark and trademark assignment?
The basic purpose of a trademark is to distinguish the goods and products provided by a business from another business. It is not mandatory to register a trademark; however, in some cases, it can add great value to a business. For example, the image and goodwill of any company can be reduced if any other company tries to copy or misrepresent their products as yours, in such case trademark can help distinguish your goods & Products from theirs and hence play an important role in the growth of your business. It also helps to create a brand value in front of your customers that helps them to distinguish your products and services by the use of trademarks whereas a trademark assignment helps in transferring the rights, title, and interest in a trademark.
Can a trademark be bought or sold?
Yes, a trademark can be bought or sold with the consent of the existing owner and interested parties, often referred as a trademark assignment. Generally, the owner of a trademark, who wants to sell it is known as the assignor and the interested party who is willing to buy the trademark is known as the assignee. The transfer process usually takes anywhere between 6 to 12 months and needs to be recorded with the trademark registrar.
Is a trademark the same as a service mark?
A trademark is basically done for distinguishing your goods and products from another business whereas a service mark is done for distinguishing your services from another service provider.
What is the difference between trademark and copyright?
Trademarks help to distinguish your goods and products from another business whereas copyright protects original work. Copyright includes protecting your original content like songs, movies, and books whereas trademarks are more focused on distinguishing your goods and products from another business by protecting brand names, logos, and slogans.
Although it is not mandatory to register a trademark for any business, having one does give you a stronger legal footing if any issues come up in the future. So, it is very important for any kind of business to register a trademark, which will help them to distinguish their goods and products from the others to take competitive advantage and grow their business to the next level.
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