MEANING OF TRADEMARK ASSIGNMENT?
Like any other asset, the trademark can also be transferred to another person for commercial purposes. The process of assigning the trademark’s ownership title either partially or fully to a person on consideration is known as an assignment of the trademark. A contract will be created in the form of the deed by the assignor and assignee for the purpose of conducting Trademark Assignment and the assignee must apply to the registrar of trademarks within 6 months from the date of assignment.
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TYPES OF TRADEMARK ASSIGNMENTS
COMPLETE ASSIGNMENT: Under this assignment, the complete ownership of the trademark will be transferred to the assignee and no further rights of ownership shall vest with the assignor.
SPECIFIC ASSIGNMENT: When only special rights to use the trademark is made available in the agreement then such assignment is known as a specific assignment.
ASSIGNMENT WITH GOODWILL: The transfer of the rights will also include the transfer of goodwill. The computation of the goodwill amount will be done separately in the agreement.
- ASSIGNMENT WITHOUT GOODWILL: Sometimes only the ownership or rights alone will be transferred and the goodwill remains with the assignor. They are also known as gross agreement.
ADVANTAGES OF ASSIGNMENT
- USE WELL KNOWN BRAND NAME: The assignee will have the advantage of entering a market with an already existing and established brand name that negates the risk of being a fresher in the market.
- ADDS VALUE: The assignee can add value to its products by acquiring a well-known brand name through the process of assignment.
- ACTS AS EVIDENCE: An agreement made is always a valid proof when a dispute arises. Therefore assignment helps in reducing risks of fraud.
DOCUMENTS REQUIRED
- IDENTITY PROOF OF BOTH PARTIES ( passport, driver’s license, voters ID, Aadhaar card or ration card)
- COPY OF ASSIGNMENT AGREEMENT
- FORM TM-P
- PAYMENT OF FEE
