A Trademark assignment It is possible to sell, license, or transfer trademark ownership (i.e., assignor) as with any other property or asset. A trademark can be transferred through a trademark assignment agreement or through a trademark licensing agreement. The purpose of this article is to provide an overview of trademark assignment, its advantages, types, requirements, and procedures. Assignment of trademarks: understanding the concept Historically, trademark assignment was defined as the transfer of rights in trademarks as defined by Section 37 of the Trademark Act, 1999. It is simply a transfer of rights, interests, and titles relating to trademarks or brand marks. The transfer of a trademark from one party to another is known as a trademark assignment. Here are some advantages of trademark assignments (for both the owner and the buyer): ● The value of a trademark can be monetized through trademark assignments. ● In order to keep a brand already established, trademark rights can be assigned to a new owner. ● Using trademark assignments to expand your business benefits both the assignor and the assignee. ● The trademark assignment agreement can be used to establish the legal rights of assignors or assignees in cases of dispute. Assignment of trademarks in different types There are four types of trademark assignments: 1. Partial assignment, 2. Complete assignment, 3. An assignment with Goodwill, and 4. An assignment without Goodwill/ Gross assignment. Assignment of trademarks: Prerequisites and procedures It is necessary to meet the following conditions before assigning a trademark: ● Trademarks must be assigned in writing. ● In order for the assignment to be successful, two parties must be identified: ○ Owners of trademarks (assignors); ○ A trademark assignee (buyer). ● An assignor must intend and consent to the assignment of a trademark. ● When assigning a trademark, adequate consideration must be given. ● Documents required for trademark assignment include: ○ The assignment of trademarks, ○ Trademark registration certificate, ○ The NOC of the assignor, ○ Identified documents assigned and assigned. Specifically, the following steps must be followed in order to apply for a trademark assignment: 1. For joint trademark assignments, Forms TM-24 or TM-23 must be completed. Applicants for such a form can either be assignors or assignees. 2. There has been a filing of the TM-P form. 3. Documents pertaining to trademark assignment must be notified to the registrar of the trademark. It is necessary to file within six months of acquiring proprietorship. 4. It is the trademark registrar's responsibility to specify a trademark assignment advertisement. 5. According to the registrar's specifications, trademark assignment advertisements are required. 6. Applicants must submit copies of their applications and directions from the registrar's office.