How to Earn Reputation through Trademarks?

Trademarkis your business personality which can be changed over into a handsome amount of cash.

You can sell a trademarkto another gathering through Trademark Assignment and liquidate the brand value in return for cash. The other option is Trademark Licensing which is similar to selling your trademark but for a restricted period.

The whole process for both is easy and does not require much hassle, be that as it may; it is always better to finish the process through a professional lawyer.

Selling Trademark and its rights

Selling of a trademark involves two parties. The person selling the trademark is an assignor while the other party to which it is sold is the assignee.

The process can be started when, both the parties consent to the terms and conditions for Trademark Assignment.

The assignee should have a registered trademark to sell it to the next gathering.

There are diverse ways of selling a trademark and its rights –

1. Complete Assignment

The assignor can transfer every one of the rights of a trademark like the privilege to further assignment, royalties, licensing, and so on.

Once the assignment is finished, the assignor can't exercise any command over the trademark.

2. Partial Assignment

The assignor can restrict the use of the trademark to specific products or services. In such a case both the parties must consent to the terms of use.

3. Assignment with Goodwill

In such a case, the assignor can assign the entire rights of the trademark and the value of the product or service associated with it.

Assignment without Goodwill

Both the parties can use the trademark but not for similar products or services. i.e.

To use the trademark industrially ensure it is not used under the same class of products or services.

How to sell a Trademark?

Both the parties need to concede to the terms and conditions and the kind of assignment. The process can be started by following these steps –

• Either the parties or one of them can record an application form TM-P to start the process of Assignment.

• The application needs to be submitted inside 6 months of the possession of the proprietorship. Notwithstanding; it very well may be done even following 6 months or 1 year of registration.

• The Registrar will survey every one of the details and if satisfied he/she will assign the trademark to the proposed one.

Advantages of selling your Trademark

Since the total procedure happens with the mutual consent of the two parties, they are probably going to profit by the assignment.

As per the Trademark Act 1999, the terms and conditions of the assignment must not hamper the interests of any gathering.

For the assignor, selling of trademark, allows him/her to change over the brand value in regards to cash.

The assignee can use an entrenched brand name for his/her business uses. It also acts as a legal evidence in case any dispute arises between the two parties after the assignment.

The Alternative: Trademark Licensing

Trademark Licensing is another option from which you can profit.

The idea is similar to Trademark Assignment but, the transfers of rights contrast on account of licensing.

In Trademark Registration, the rights lie with the proprietor of the trademark. The licensor [owner of the trademark] provides certain rights to the licensee [the other party] for a pleasant period to use the trademark for his/her business purposes.