For modern business, Intellectual property is of high significance. Every business needs to secure and protect its business ideas, industrial designs, integrated circuits, patents, copyrights, trademarks, etc. These are all valuable assets of the company. If all of them are protected, they can create competition in the market, leading to effective production and manufacture of products.
Trademarks are part of Intellectual Property Rights and include any word, symbol, name, symbol, mark, device or any combination of all of these used to create identity distinction between the goods or services from the others and indicate the source of these goods. Basically, a trademark sets the brand name for any new business
After extensive review and many amendments later in the Indian Trade and Merchandise Marks Act, 1958, a new law was enacted, i.e., the Trade Marks Act, 1999, which conforms to the TRIPS Agreement and the standards of the international system.
The new trademark law provides for the registration of the new service marks, renewal of the term of the registration of the marks, filling the multiple applications, and the recognition of the concept of the well-known trademarks. Not only has the legislature been protective about the protection of the trademark, but the judiciary has also played a proactive role in protecting the trademark and the rights related to it. The country follows the common law principles and hence provides protection against the infringement and passing off action.
The trademark owner has been given protection under the act. The right includes protection to the identity mark that the owner has the exclusive right to use to identify their goods and services from others. It also gives the owner the right to transfer such use of the identification in exchange for money. The unlawful use of the trademark is barred under the act. Under the act, the owner has to register the trademark in order to avail the relief for the infringement of the trademark.
The Registration of the trademark is a legal procedure under the Act. Any Proprietor can claim for the registration of the trademark under the Act. For clarification, the proprietor can be a company, whether incorporated or not, a partnership firm, an association of persons, a Trust or a Central or State government.
For registration of the trademark, the proprietor has to file a written application in the manner prescribed. The application requires the proprietor to fill in certain information like the name of the mark, goods and services, class in which the goods and services will fall, name and the address of the applicant, and period of use of the mark.
The identification of the name, device, logo, symbol and mark intended to be applied and protected under the trademark act.
Apply for the registration of the trademark.
The registry then examines the application. If there are some objections to the registry, then the registry can raise the objection in the Examination Report issued by the registry.
The Applicant applying for the trademark registration needs to produce evidence for the same. If there are official objections in the application, he needs to reply to the official objection, and if required, he can also ask for a hearing on his application.
The trademark must be advertised in the official gazette or the trademark journal for opposition to the trademark by the public within three months from the date of the publication in the gazette or the journal.
After three months, if the objections are not received from the public, a registration certificate in favour of the applicant is issued by the authority. The period for which the registration certificate would be valid is ten years, and the authority can renew the same after receiving the fees. Failure to do so within a stipulated period of time automatically leads to the removal of the trademark.
Trademark registration is significantly essential for your business to boom!! Some of the most important reasons behind it are:
It gives your business brand recognition: The first step to differentiate yourself from your competitors in the market while you are starting a new company is to trademark your brand logo or a company name. This will help the company distinguish its goods and services from the other products and services of the competitors in the market. This will help legal protection and prohibit others from copying and stealing your value.
Protection while you Expand: Before opting to expand your business globally, protecting your company brand name and logo is necessary. It gives you protection against illegal use by other foreign country companies. In this way, the company can protect its trademark rights while expanding globally.
Trademark- A Valuable Asset? Yes!! You heard it right. The trademarks are considered assets of the company in the long run and earn profits for the company. They directly relate to the company’s growth, and the businesses can earn an extra income by selling and renting them out to the other companies.
Trademarks are for Indefinite Period: It is indestructible once you register a trademark. That means it can be used indefinitely over some time and renewed only after ten years. This asset is inexpensive yet so valuable.
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