Like any other asset or property, trademarks are capable of being transferred through an assignment agreement or licensing agreement, just as they can be sold, licensed, or transferred.
We are going to provide an overview of trademark assignment in this article, with its advantages, types, requirements, and procedures, in order to demonstrate its usefulness.
Trademark assignment: what you need to know
Historically, there was no standardized definition of assignment of trademark, instead, it would be described as a transfer of rights in trademarks in accordance with Section 37 of the Trademark Act, 1999. This is simply the transfer of rights, interests, and titles in trademarks/brand marks. Historically, there was no standardized definition of trademark assignment, instead, it would be described as a transfer of rights in trademarks in accordance with Section 37 of the Trademark Act, 1999. This is simply the transfer of rights, interests, and titles in trademarks/brand marks. Trademark assignment is known as the transfer by one party to another of a trademark, including the original owner of the trademark.
There are a number of benefits associated with trademark assignments (for both the buyer and the owner):
It is possible to monetize the value of a trademark by assigning it to another party.
There are some ways to keep a brand already established, including assigning trademark rights to a new owner in order to keep that brand alive.
There are several advantages to using trademark assignments as a strategy for growing your business, both for the assignor and for the assignee.
When a dispute arises between assignors and assignees during the assignment process, the trademark assignment agreement can be used to establish the legal rights of both sides.
Different types of trademark assignments
Generally, trademark assignment can be divided into four types:
An assignment with Goodwill, and
An assignment without Goodwill/ Gross assignment.
Obtaining trademark assignments: Prerequisites and procedures
If an individual wishes to assign a trademark to himself or herself, the following conditions must be met:
Assignments of trademarks must be in writing.
It is necessary to identify two parties in order for the assignment to be successful:
Owners of trademarks (assignors);
A trademark assignee (buyer).
A trademark assignment must be intended and consented to by the assignor.
It is important to consider all aspects when assigning a trademark.
For trademark assignment, the following documents are needed:
The assignment of trademarks,
Trademark registration certificate,
The NOC of the assignor,
Identified documents assigned and assigned.
For a trademark assignment to be granted, the individual must follow the steps outlined in the following steps:
An applicant for such a form can either be an assignor or an assignee. Forms TM-24 and TM-23 must be completed for joint trademark assignments.
The TM-P form has been filed.
As soon as you acquire proprietorship of a trademark, it is necessary to file the documents necessary for the trademark assignment with the registrar of the trademark. The filing must be done within six months of gaining possession.
Trademark assignment advertisements must be specified by the trademark registrar.
In accordance with the trademark registrar’s specifications, trademark assignment advertisements must be posted.
Copy of the application and directions provided by the registrar must be submitted by applicants.