Assignment of Trademark Agreement in India: What you need to know
Trademark is a valuable asset for any brand or business. It is an exclusive symbol, logo, word or phrase that identifies the source of products or services. Trademarks help businesses to differentiate themselves from others in the market and create a unique identity. However, the ownership of a trademark can change hands due to various reasons such as mergers and acquisitions or sale of a business. In such cases, an assignment of trademark agreement is executed to transfer the ownership of the trademark from one party to another.
In India, the law governing trademarks is the Trade Marks Act, 1999. It lays down the rules and regulations for registering, maintaining, and transferring trademarks. An assignment of trademark agreement is a legal document that outlines the terms and conditions of transfer of ownership of a registered trademark. The agreement should be executed in writing and signed by both the assignor (original owner) and assignee (new owner) in the presence of two witnesses.
The process of assignment of trademark involves the following steps:
Step 1: Drafting the agreement – The parties involved should consult a lawyer to draft the assignment agreement. The agreement should include details such as the name of the trademark, registration number, date of registration, and the rights and obligations of the assignor and assignee.
Step 2: Filing the application – The application for assignment of trademark should be filed with the Registrar of Trademarks in the prescribed format along with the original assignment agreement, proof of payment of fees, and other required documents.
Step 3: Examination by the Registrar – The Registrar will examine the application and ensure that it complies with the provisions of the Trade Marks Act. If there are no objections, the Registrar will approve the assignment of the trademark and update the trademark register.
Step 4: Publishing the assignment – The assignment should be published in the Trademark Journal to notify the public of the change in ownership of the trademark.
Step 5: Issuance of new registration certificate – Once the assignment is approved and published, the Registrar will issue a new registration certificate in the name of the assignee.
It is important to note that an assignment of trademark agreement does not affect the validity of the trademark. The new owner of the trademark inherits all the rights and obligations of the assignor, including the obligation to use the trademark in accordance with the law.
In conclusion, an assignment of trademark agreement is an important legal document that enables businesses to transfer ownership of their trademarks. The process involves drafting the agreement, filing the application with the Registrar, examination by the Registrar, publishing the assignment in the Trademark Journal, and issuance of a new registration certificate. It is advisable to consult a lawyer experienced in intellectual property laws to ensure that the assignment agreement complies with the provisions of the Trade Marks Act and the transfer of ownership is executed smoothly.