The following blog contains information on the notary of the Assignment of Trademark and why it is necessary. It also mentions details about the Assignment of Trademark, its different kinds and how to register with a trademark registrar, the pre-requisites and the processes involved. Read on to find out more
Trademark is essential to lay claim over a product or service that an individual, business organisation or other such enterprises and entities consider and recognise as one of its developments and deliveries, and hence feels the need to demarcate the value, the availability, and accessibility to the product or set of services from the rest of the market. It is also very essential for these business entities and individuals to grow and build their businesses in all directions after registering trademarks for their brand. A brand trademark imparts the quality of being unique and popular with the masses that it is meant to appeal to. It is established accordingly. A Trademark greatly assists a business in being easily recognisable among a market of raging competitors or products by an individual associated with his creativity or accredited as his invention.
Importance of Trademarks and Assignment of Trademarks
Since the purpose of getting a business Trademark is essentially making it more identifiable and unique, so that after its products or services or both are availed once, customers and clients shall be able to recognise and prefer them to other brands if they can successfully establish a popular and good brand value. When an individual, business entity, legal organization, etc. recognises and lays its claims and rights over a product, design, or any other similar entity through a Trademark or a Service mark, it gains complete entitlement over it, to sell, transfer, license, charge or make amendments as and when it wishes to.
A trademarking of a business means marking up the business with discernible uniqueness, it also keeps an active check on other business and their products or services as to whether or not they are forging ideas or imitating strategies or products, or have implications of a similar kind, and can take steps to stop the same, and other privacy and property right breaches. When the owner wishes to sell or give up the license or ownership to another person, organisation or company, he will take the role of an assignor who holds the rights to impart with the business and the trademark, partially, wholly, with, or without goodwill.
The assignment of the Trademark, helps the current owner, the one who transfers the license and interests of the business and hence the trademark too, materialise the brand name and value, by selling the ownership or proprietorship, for a good price, to someone who can be an efficient handler of the same, thereafter. The rates of the Assignment of Trademark should be discussed beforehand with the assignee, and the assignor should make thoughtful inception to the amount that looks appropriate for the assignment of a trademark to the concerning body, business, entity, enterprise, or legal organisation.
Before the assignment of the trademark takes place, the assignor, presently owning the license as well as the ownership of the business, could, like any other sell, buy, transfer the titles of interest and even the ownership of the business. Assignment of Trademark is the process of conditionally or without any clause, to the assignee on a pre-determined rate and legal processes, (with the assignment with or without goodwill).
There’s the provision for both assignor and assignee parties to apply together for the Assignment of a trademark with the registrar. This results in the issuing of a form TM-P. The form TM-P should be issued within six months from when the Trademark assignment was officiated. The registrar files for the Form TM-P and takes it from there. However, the proprietor or Assignor should be sure of the unconditional surrender of partial or whole of his business interests under the trademark assignment. They should only enter the litigation processes after being sure about the conferral of interest and titles involved in a general Trademark assignment.
Notarisation of the Assignment of Trademark
The one who is assigned the Trademark and ownership of the assets, interests, and license of the business, or the assignee (by Section (2)(1), Trademark Act, 1999), can exercise control and build on an existing brand, and seek profits by it. A written agreement helps settle any dispute, in the furtherance of the assignment of Trademark, be in the immediate future or years to come, as both expand their businesses.
As one of the most integral steps in the assignment of trademark, that takes place between two parties (individual/ group/ organisation or business), bearing proof, that makes a legal accord, enriched with consequences, if either party fails to acknowledge the deal signed in the face of some unfavorable event, is called Notary. Notarising a document (for marriage, tax, important legal agreements such as property buying and selling, etc.) is necessary and happens essentially in the presence of witnesses.
A few necessary documents can be required at the get-go of the legal proceedings for the notary of the trademark assignment, as the business’s ownership rights are transferred, including the Trademark, to the assignee.
The assignor is expected to produce a notarised document, essentially an affidavit proving his rightful and honest ownership of the Trademark, before passing it on to the concerning assignee. The other documents required are a NOC or no-objection certificate issued by the Assignor party or agency for discouraging any speculation of protest or objection towards the mentioned party or covenants by the certification.
Notarisation of Assignment of Trademark is also of paramount importance if the trademark and business symbol are to be registered in a foreign country. The notarisation allows highly specific details about the legal process of the ownership transfer to the other party, and if on increasing consequence as the business builds over the plethora the pre-existing brand name had availed for itself. It discusses legal heir rights and Trademark utility rights, such as using the brand name only for the products it sold before the transfer of licence and ownership. Some assignees are not allowed to incorporate the sales of any new product type under the name of the brand that has been publicised due to the selling of a certain kind of product.
Assignment of a trademark is a highly legal process that involves turning in interests, titles, strategies, the business of a trademark achieving brand, and license to the assignee party, who is expected to handle the business, so on and so forth. According to the law, the assignor follows some necessary laws that are involved in the conferral of all the duties, licenses, and titles over to the new company. The need to notarise the Assignment of Trademark is essential to prepare a valid testimony of the same and to strengthen the legally binding nature of the Form signed and notarised at the office of the Trademark Assignment Registrar. To know more about this topic, you can get help from Vakilsearch.
- Registration of a Trademark Assignment
- Applying Trademark Application