What is the procedure of Trademark Assignment in India?

Trademark Assignment means assigning your brand to another individual to turn a profit. It is a right that the registered owner of a trademark gets. It allows him to transfer the trademark rights to another by signing a trademark assignment agreement. This article covers the essential facts about this legal phenomenon.

Your trademark has monetary value. Once it has done what it was supposed to do – enhancing your brand value – you can sell it to another for a hefty profit. The process of selling the trademark is known as trademark assignment. The procedure to transfer it to another party is not unlike how you would sell any other property. However, a brand is an intangible asset. It makes it necessary for you to consider the legal requirements.

In this article, you will learn about:

1. The meaning of trademark transfer
2. The advantages that come with it,
3. The requirements that you must fulfil to obtain it, and
4. The process you must go through to complete the process

Let’s begin.

What is a trademark assignment?

Trademark Assignments refers to the process of assigning a brand to another and therefore transferring the:

1. Legal rights,
2. interest, and
3. Title of the trademark

To put it simply, trademark assignment in India is the process to transfer your trademark rights to another party. Read More: Trademark Infringement 

What are the advantages of trademark assignments?

As you transfer your trademark, you and the partying owning your brand gain the following advantages:

1. You can encash the value of your brand: Trademark assignment allows you to earn the monetary value you put into your brand to make it a success over the years.
2. The assignee can own your trademark rights: The one getting your trademark can evolve his business through your established brand.
3. Expanding your business: You can also implement trademark assignments to rent your brand name. It will aid you in the expansion of your brand.
4. Handling disputes: Assigning your trademark relieves you of the burden of handling trademark disputes.

What are the different types of trademark assignments?

The following are the different types of trademark assignments:

Partial Assignment

You can partially assign your trademark to give limited trademark rights to the assignee.

Complete Assignment

With the complete trademark assignment, you transfer all trademark rights of the registered brand name to another party.

Assignment with Goodwill

Trademark assignment under goodwill allows you to transfer the trademarks and their rights to another party. The Assignment of this form is a sign of trust between you and the assignee.

Gross Assignment of Trademark

Gross Assignment of the trademark is also known as trademark assignment without goodwill. This Assignment allows you to only transfer the brand name to the assignee without the brand value.

Requirements for assigning brand name in India

To move forward with assigning your trademark to another, you must take care of the following pre-requisites:

1. You must draft an assignment document.
2. Trademark assignment can only happen if two parties are involved: the assigner and the assignee.
3. The assignor of the trademark must consent to transfer the brand name to another.
4. Before the process can take place, the trademark owner must procure the following documents:

1. 1. Certificate of Trademark Registration
   2. Assignment document
   3. No Objection Certificate from the Assignor
   4. ID documents of both parties Read More: Trademark Opposition

What is the procedure to assign the trademark?

The process to transfer trademark rights to another entails the following steps:

1. Fill in the following documents:

1. 1. TM-24 for trademark assignment or TM-23 for trademark assignment as a joint party
   2. TM-P
   3. All the required docs related to trademark assignment
2. The Registrar will proceed to advertise the Assignment of the brand name.
3. Then, the applicant must do the same in the regional and national newspapers. Afterwards, he must submit his copy to the office of the Trademark Registrar.

Once the Registrar receives the advertising details of the Assignment, he will validate the transfer of the trademark.

Conclusion

Assigning your brand name to another is a critical prospect to digest. Your trademarks get transferred to another, and so are the rights that come with it. However, there are many advantages to assigning the brand as well. And, we have mentioned them all in this blog.

If you have any further queries, contact our experts. Read More: RNI Consultants

Here are the essential facts that you must know about trademark assignments in India. Learn them to understand the process and other aspects of your brand name.