Overview of Trademark Assignment
An official written document known as a trademark assignment serves as a part of the transfer of ownership of a well-known phrase, word, symbol, design, or trademark from one party to another. The future owner of that specific trademark is referred to as “the Assignee,” whereas the current owner is referred to as “the Assignor.”
A trademark is a priceless asset or valued possession because it makes it easier for end customers to rapidly associate certain attributes with a well-known brand. This trademark agreement enables the owner to lawfully and without difficulty transfer the goodwill of the trademark to a third party.
Trademark Assignment Agreement Checklist
The following fundamental checklist will be keyed out in an easy trademark assignment agreement:
- Trademark: If the trademark has been registered with the U.S. Patent and Trademark Office, it identifies the legally distinctive word, phrase, symbol, or design and includes the official trademark number.
- The recognized trademark is formally transferred to the mark owner on the effective date.
- Consideration: The mark’s fee is paid.
- The trademark’s present owner is referred to as the assignor.
- The person paying money to obtain or acquire ownership of a trademark is known as the assignee.
- Warranties: The assignor guarantees that they are the legitimate owners at the time of the assignment, have the authority to transfer ownership, and have the right to transfer the trademark.
- Signatures, indicating that a contract or agreement between the assignor and the assignee is required.
- If the assignee plans to register the trademark outside of the country, the agreement or contract must be notarized.
Types of Agreement
- Assignment and Transfer Agreements
- Agreement for the Assignment of Intellectual Property Rights
- Right Transferring to Marks
- Assignment of Intellectual Property
- Agreement for the Purchase and Assignment of Trademarks
The Trademark Assignment Agreement’s provisions
The following information should be included in the trademark assignment agreement:
- Names of the trademark’s previous and new owners.
- What elements make up the trademark and is there a corresponding trademark registration?
- If there is any commotion, this is where any issues will be resolved.
- the justification for the Assignor’s ownership of the transfer rights to the trademark and associated goodwill.
- When the registered trademark is officially transferred to the new owner.
- the sum that the assignee had to pay the assignor in order to acquire the trademark.
Process for filing
Assignment of an Unregistered Mark- In accordance with Section 39, the unregistered trademark may also be transferred or authorised with or without the goodwill of the relevant business concern.
The registered trademark may be transferred in whole or in part, either with or without the business concern’s goodwill, to another organisation. Depending on the specifics of the assignment, different fees apply for trademark assignments.
Why is the assignment required
It is a legally binding document that aids in transferring trademark or service mark ownership as needed. When a business or product is sold to another company or person, a trademark transfer or ownership becomes a factor in the case.