Overview

A trademark assignment is a written document that serves as a legal road to transfer a recognized word, phrase and symbol or design that was originally given to the current owner by another owner .. Current owner & quot; is referred to as; Assignee & quot ;, and future owner & quot; The Assignee & quot; Known as

A trademark is a prized asset or valuable asset because it helps the customer quickly associate certain qualities with a recognized brand. This contract allows the owner to properly transfer the goodwill of the business to another party without jumping any hurdles.

“ Trademark ” It is often brought into play when we refer to both a trademark and a service mark. Trademarks are used to identify products and goods while service marks identify the services provided.

Fundamentals

A simple trademark assignment agreement will identify the following core elements:

• Effective date – when the trademark is officially transferred to the owner.
• Trademark – describe the legally recognized word, phrase symbol or design that include the official trademark number if the mark has been registered with the U.S. Patent and Trademark Office.
• Assignor- the current owner giving up ownership of the mark
• Assignee- the future owner, giving money to obtain the mark
• Consideration – money is paid for the mark
• Warranties- the assignor guarantees that they are the true owner and have authority to transfer ownership and possess the authority to transfer the mark
• Signatures- the assignor and the assignee must come to an agreement
• Notary public- the agreement should be notarized if you expect to register the trademark in a foreign country.

Remember that registering a trade name is not the same as registering a trademark.

Types of assignment agreement for trademark

• Assignment of Intellectual Property Rights Agreement
• Assignment and Transfer Agreement
• Intellectual Property Assignment
• Transfer of Trademark Rights
• Trademark Purchase and Trademark Assignment Agreement

Important points for trademark assignment agreement

The trademark assignment agreement must include the following details:

• Who currently owns the trademark and who is going to be the new owner?
• What the mark consists of and any associated trademark registration?
• Where will any disputes be handled if in case any chaos arises?
• Why the Assignor has the right to transfer the mark and associated goodwill?
• When is the trademark transferred to the new owner officially?
• How much will the assignee pay to the assignor?

Procedure

• Assignment of the unregistered trademark- Section 39 stipulates that unregistered trademark could also be allotted or transmitted with or without the goodwill of the business involved.
• Assignment of the registered trademark – the trademark can fully or partly allot or transmit with or without the goodwill of the business to another entity.

The fee for a trademark assignment varies according to the nature of the assignment.

Requirement for a trademark assignment agreement

This is a legal road that helps to transfer ownership or trademark or service mark when needed. Ownership transfer occurs when a product or company is sold or purchased by another person or entity.

Types of trademark assignment agreements

USPTO is a registered registered mark that allows you to track assignments on your trademark query site.

What are the consequences of not using a trademark agreement?

Without the  Trademark Assignment, there will be a dusky vision on the record who currently owns the mark. Hence, the following are the consequences of not using the agreement

Forbes has valued Google ’s The trademark was worth $ 44.3 billion, while the Microsoft trademark came right behind the value of $ 42.8 billion.