Registered trademark brand is always and asset for and company / individual. Proprietor of trademark can transfer the registered brand through trademark assignment like their physical properties.
Trademark Assignment means transferring benefits, right, interests, title to other person using trademark assignment. The receiving party is called the assignee and transferring party is called assignor. Both registered and unregistered brand can be assigned with or with goodwill of business in writing using section 2(1) (b) of Trademark Act 1999.
As per section 37 of the trademark Act 1999 the person or entity registered has proprietor of mark has
right to transfer ownership of such mark and receive consideration.
Types of Trademark Assignment
Where Proprietor of mark transfer all right of trademark to other person including the rights to earn royalty against the mark and other further transfer rights is called complete assignment.
Where proprietor of the mark transfer the right registered brand with specific products and services which extends to the limits of rights are called has partial assignment.
Assignment with and without Goodwill of Business
The mark can be used by assignee into any class of goods and services in with goodwill and business. The mark cannot be used by assignee into other class of goods and services in which as assignor is already using.
In regard to the Trademark Assignment, following documents are needed:
Affidavit of the Assignor
ID Proof of the Assignor
Photo of Directors, Partners, Directors or proprietor as applicable.
Benefits of Trademark assignment
Creating a brand Image and goodwill in market exhaust lots of funds of company. Thus many companies legalize their intellectual property of their brand. Few important benefits of trademark assignment are mentioned below.
Monetization of brand
Trademark assignment helps in monetizing funds that has been exhausted in creating a brand.
Easy Brand Building
The assignee of mark also has no need to utilize more funds and marketing and securing the brand value.
Maintenance of IPR
The Assignment of trademark helps in maintenance of intellectual property in terms of maintaining the registration of same mark.
Expansion of business
The Assignment of trademark can helps into and expansion of business into similar industry and market.
Owner enjoy various rights
In dealing with already existing registered brand the owner of brand enjoys various benefits.
Act has Valid Proof
The Assignment of trademark can act has valid proof in the case of any trademark disputes arose in future. The documents of trademark assignment can be utilized and legal proof in such disputes.