In basic terms, trademarks are special, one-of-a-kind indicators that are used to identify a company’s goods or services. Designs, photos, signs, and even expressions can be used. It’s crucial since it sets your items apart from the competitors. It might be linked to your company or product.
Trademarks are intellectual property, which means they are protected against infringement. The Trademark Act of 1999 protects trademarks and their rights.
It is necessary to register a trademark in order to obtain trademark protection. It’s crucial to register your trademark since it stops others from duplicating it and using it to misrepresent other items.
Trademarks let people recognize a brand and its value at a single glance, such as Nike’s tick sign emblem.
Unlike patents, trademarks do not have a set length of validity. Unlike patents, which expire after 20 years, trademark registrations expire after 10 years, but unlike patents, trademarks can be renewed for another 10 years. This procedure may be repeated indefinitely, which means that as long as you maintain renewing the trademark, it will not expire and will be protected under the Act.
A trademark is a one-of-a-kind symbol or sign that might be a label, a number, or a color combination that is used to identify your goods or services. The Trademarks Act of 1999 allows you to register your trademark.
You and a third party can use a trademark to identify your products and services from those of your competition. However, keep in mind that geographical names, common names, popular trade phrases, and common abbreviations are not eligible for trademark registration.
A trademark should be easy to use, marketable, and build brand awareness for your items, in addition to being unique.
The owner of a trademark has various advantages and benefits from trademark registration:
- Legal protection:
When a trademark is registered, it is designated as intellectual property, which means it is protected against infringement. The exclusive right to use a trademark in connection to the “Class” of products or services it represents is also conferred by trademark registration. The symbol “TM” can be used with your items after you have filed a trademark application. Only once your trademark has been registered may you use the sign “R.” In addition, the TM sign can only be used for the goods and/or services stated in the registration certificate.
In the instance of illegal use of a registered trademark, you can seek infringement redress in the country’s proper courts.
- Product differentiation:
Trademarks are unique to the goods or services they represent. A trademark will allow you to distinguish your goods from that of your rivals. Furthermore, because trademark registration is applicable for the full class of goods or services represented, it will aid in distinguishing your items. Customers recognize items with distinct trademarks in a unique way, resulting in a customer base for your product.
- Brand recognition:
Customers link a product’s performance, quality, features, and other attributes with the firm that makes it. They use the logo, which is a registered trademark, to identify the goods in general. Trademark registration makes it easier for people to recognize your products and services. It also contributes to the brand’s goodwill. As a result, your brand is well-known and has a market worth over time. Brand recognition attracts new clients while keeping existing ones.
- Creation of an asset:
A commercial enterprise’s trademark registration produces an asset. For accounting and income tax reasons, a trademark is considered an intangible asset. Trademarks are intellectual property that has a monetary worth in relation to the products they represent. Trademarks can be bought, sold, franchised, assigned, or used commercially in any way. In the books of accounts, you can record the value or cost of trademarks, as well as claim a depreciation deduction and record revenue from them.
- Business valuation and goodwill:
Trademarks that are registered and connected with your products increase the total value, goodwill, and net worth of your company. Your trademark communicates your commitment to quality, as well as the unique aspects of your goods and the goal of your company. Trademarks aid in the expansion of your company. They aid in the retention of loyal consumers and the protection of your company’s reputation.
- Trademark recognition:
In India, a trademark is valid for 10 years from the date of submitting an application. The trademark, on the other hand, can be renewed indefinitely. You will require clearance or trademark registration in different nations if you wish to utilize your trademark outside of India or develop your business outside of India. In such circumstances, your Indian trademark registration and business serve as a foundation for obtaining registrations in other countries.
- Business expansion:
A trademark provides a link between a company’s consumers and its products. You can build a consumer base by offering efficient or innovative items. Your trademark aids in the retention and expansion of your consumer base. The registration of your trademark grants you exclusive rights to use it for a period of ten years, protecting your business earnings. By launching new items and growing their business, businesses may take advantage of the benefits of having a client base.
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