Trademark, Importance of Trademarks, Owning a Trademark, Intellectual Property
A Trade Mark is defined as a name or a symbol through which any business is identified in general parlance. Owning a Trade Mark provides an exclusive monopolistic right to the proprietor of the mark. The significance of acquiring this right is similar to naming an individual.A Trade Mark is a defined as a name or a symbol through which any business is identified in general parlance. Owning a Trade Mark provides an exclusive monopolistic right to the proprietor of the mark. The significance of acquiring this right is similar to naming an individual.
IMPORTANCE OF OWNING TRADEMARK
In 2018, when the world is filled with innumerable cases of cyber-squatting, unfair competition, infringement and passing off disputes to unjustly enrich themselves from someone else’s reputation and goodwill, owning a trademark and get it legally secured under the relevant provisions of the Trade Marks Act, 1999 has become an inevitable need for the business organization.
ADVANTAGES OF GETTING A TRADEMARK REGISTERED
There are several advantages of getting a Trade Mark registered under the provisions of the Trade Marks Act, 1999, which are listed as follows:-
- Legal Entitlement: The registered proprietors of the trademark are allowed to take actions or sue for damages the infringers who unauthorized use the mark and take undue advantage of the Trade Mark. A legalized trademark gives the actual right to use and own the mark exclusively to its registered owner. This legalization establishes the monopoly of the proprietor over such mark since this is the only right which can be acquired till eternity with constant renewal of the mark.
- Exclusivity Recognized: The registration of Trade Mark provides the organization a right towards its uniqueness and exclusiveness so that it can be distinctly recognized amongst its competitors. With the increasing recognition of its exclusivity and distinctiveness, it can be considered as a well-known mark in the long run.
- Symbolic Asset: A Trade Mark registration creates an intellectual property, which is an intangible asset for an organization.This forms an asset on your balance sheet which can be used for other monetary transactions in future via selling, franchising or leasing the mark.
- Global Trademark Registration: If a Trade Mark is registered in the home country, then it becomes an appropriate reference point for attaining registration all over the globe. This is evident from the usage details being used of the home country to establish priority of the mark in the filing regime.
- Goodwill or Trust: When the trademark is legally recognized then it becomes the ideal form wherein none can make an undue benefit from the well-established reputation. It further instills a sense of trust and confidence amongst its customers, and when the trademark attains widespread goodwill it creates a unique identity and high brand value for the business organization.
Considering the aforesaid, an organization should not resist filing an application for registration just to avoid the expenditure associated with the application, but see this as an investment as it does in any other asset of the business entity.