A trademark can be sold, licensed, or transferred like any other property. In order to transfer trademarks, Trademark Assignment law Agreements or Trademark Licensing Agreements can be used. So, Trademark Registration is essential.
This article analyzes the term trademark assignment and its advantages, types, and prerequisites.
Assignment of trademarks: an understanding
Following the definition, trademark assignment refers to transferring the right, interest, and title in a trademark or brand mark.
Trademark assignment – It is the transfer of ownership and rights to a person other than the original owner.
Below are some advantages of trademark assignment (for both the buyer and the owner).
- Trademark assignment allows the brand owner to cash in on the value of his brand.
- An assignee can acquire rights to an already established brand by obtaining a trademark assignment.
- Assignment of trademarks supports both assignors and assignees in expanding their respective businesses.
- Trademark assignment agreement allows assignors or assignees to establish legal rights in case of a dispute.
Assignment of trademarks in different types
Trademark assignments fall into four categories:
- Partial assignment,
- Complete assignment,
- An assignment with Goodwill, and
- An assignment without Goodwill/ Gross assignment.
Below is a brief explanation of each type of trademark assignment.
- Partial assignment
A partial assignment transfers only a limited ownership interest in a particular product or service.
- Complete assignment
The assignor transfers all rights to the registered trademark to the assignee under a complete assignment.
- An assignment with Goodwill
The assignor of a trademark transfers both the trademark’s rights and its value to the assignee when making an assignment with Goodwill.
- Gross assignment or Assignment without Goodwill
As part of such a trademark assignment, the assignor restricts the buyer’s rights during the trademark transfer. Further, the assignor prohibits the buyer from using a product brand that it already uses. Besides, An assignee does not receive the goodwill associated with the brand.
For further information on a brief understanding of trademark assignment in Toronto, North York, Etobicoke, Woodbridge, Scarborough, Markham, Vaughan, Thornhill, Mississauga, and Brampton, Ontario, Canada, please contact Ontario Trademark Lawyers by phone at 416-783-8378 or email at Info@OntarioTrademarkLawyers.com. Victor Opara. Victor Nnamdi Opara, Opara Law PC. TorontoBarristers.com. OntarioTrademarkLawyers.com. CCDC Stamp Statutory Declaration at 416-782-5926.