Being a tangible asset, a trademark can be transferred from the owner to the buyer, where the ownership rights and goodwill can be transferred. Read this article to know everything you need to know about a trademark assignment.
How Do I Record a Trademark Assignment
Trademark is an intangible asset that can be transferred from the owner to the buyer, in which one transfers ownership rights and goodwill. As a trademark is of a product, good, or service, when a trademark is of service, one refers to it as a service mark. This transfer of trademark does not just take place in the air; this transfer is called the trademark assignment, and recording this is step by step. Recording your assignment and going through the prerequisites for purchasing a trademark is always advisable. One should perform this under professional guidance to avoid discrepancies.
The Trademark name search tool at Vakilsearch lets you find the previously registered trademarks to avoid copyright infringement.
Trademark assignment transfers ownership rights from the owner to the buyer. This agreement takes place between the two; thus, it is referred to as an agreement. This can be a transfer of trademark rights, intellectual property (sign, mark, words), or assignment or transfer agreement.
List of Elements
One should keep a few things ready for the trademark assignment agreement. There should, of course, be the assignor and assignee documents present. The assignor should have the confirmation letter of his ownership. A written letter with a date should be kept ready. Describe the trademark property in a document for a sale agreement. The notary procedures should be looked for if in a foreign country. Goodwill should be mentioned in the agreement. Payment of the recordation should be decided mutually by the assignor and assignee.
Step by Step Guide to the Agreement
- Responsible body: United States Patent and Trademark Office is responsible for the recordation of trademark assignments.
- Online Procedure: One does not have to visit the office to file a request. This can be done online at Electronic Trademark Assignment System. One should attach a cover sheet for the assignment agreement and legal documentation.
- Filing fee: The filling of this agreement is charged $40, and the owner needs to pay $25 for subsequent filings.
- Cancellation: If one wishes to cancel the recording, then this can be done by the owner and get a refund. But if the filling has already taken place, no cancellation can occur.
- USPTO errors: If the errors are from their side, they will correct them for you without charging you any additional fees.
- Updates: One should request the USPTO to make changes in the ownership writing, if any, to keep their database updated.
Benefits Of Trademark Assignment Agreement
- Inherent Value
One needs to understand the value that a trademark watch holds for you. The trademark comes along with goodwill which is the key benefit to the buyer and can easily take up these with the trademark assignment agreement and record the same to avoid confusion. The buyer can get a market status along with a trademark.
- More Expansion
One looks for the option of a trademark when one is going or thinking about expanding one’s own business. Whether a partial assignment or licensing, the buyer always benefits from vendors’ support, and the brand is built more smoothly through this. Recording these assignments is highly recommended.
- Proof Check
One goes for recording the trademark assignment agreement to ensure no disputes regarding the rights of ownership in the future. The filling and publishing of this are the proofs of this intangible asset ownership.
A trademark lawyer is from the division of law dealing in intellectual property. The trademark has its laws, and different countries have laws for the same. When you hire a trademark lawyer for your agreement, you are basically making sure that no illegal actions are being taken that otherwise look legal to us.
A trademark lawyer will ensure that your assignment agreement meets all the law requirements and matches your needs. It looks for areas of how you can be in a safe place. They help you ensure that the listed items of the trademarks match our product or service. They also care a lot about your reputation and brand name, so they make sure to take action to protect the same. They help to carry out the entire process very smoothly, avoiding any risk in the future.
Steps to Ensure Safe Trademark Assignment Agreement
- Many legal provisions and laws are involved in assigning the trademark. That is why it is always necessary to look for all the legal basis and then move forward with the agreement; otherwise, the trademark can invalidate due to a few mistakes.
- One has to ensure the trademark registration takes place and all the prerequisites are met.
- Goodwill plays an important role in assigning a trademark, so one should ensure that it is transferred along with the trademark as it holds value to the trademark.
- Make sure your registered trademark assignment agreement is in writing. It is always preferred for particular reasons.
- Get your clearance check before signing an agreement, as it is very important for your future goals concerning the trademarks.
- You can consider getting an expert opinion on this agreement as there are many laws, documents, and things to be observed. An expert will always keep you in the safe zone.
Summing it Up
When we choose to register our trademark, we ensure that we are aligning with our goals in the future. This ensures that we are not disrupting any other similar trademarks and also not reducing the value of our trademark. The trademark assignment agreement is a crucial step when it comes to trademarks. We are ensuring that rights, goodwill, and other related trademarks are transferred to us through this.
These little details of the trademark agreement are important during an assignment because they are registered and will be the value detector for our product or service later.
You can refer to Vakilsearch for more information and application of trademark, also the registration and guidance for the same.