Trademark assignment refers to the process of transferring the ownership of a trademark from one party (assignor) to another (assignee).
It is a legal agreement between the parties that transfers all the rights, title and interest in a trademark from the assignor to the assignee.
A trademark can be assigned with or without the goodwill of the business.
When the trademark is assigned along with the goodwill, it is known as an assignment with goodwill, whereas when the trademark is assigned without the goodwill, it is known as an assignment without goodwill.
The process of trademark assignment involves drafting and executing a trademark assignment agreement that outlines the terms and conditions of the assignment, including the transfer of ownership, payment of consideration (if any), and any other relevant details.
The trademark assignment agreement must be in writing and should be signed by both the assignor and the assignee.
The agreement should also be registered with the Trademark Registrar within six months of execution to ensure its validity.
Trademark assignment allows businesses to transfer ownership of their trademarks to other entities, which can be beneficial in cases of mergers, acquisitions, or sales of businesses.
It can also be used by trademark owners to license their trademarks to others for a fee or royalty, without actually transferring ownership.
