If a person owns something in the present time where the competition is high, one must get the license to own it. The intellectual property, an intangible property in the form of Graphical indication, copyright, patent, Trademark, must be registered. It must be done to prevent the other person from using the intellectual property illegally or unlawfully. One of the intellectual properties is Trademark. The importance of a Trademark is that it protects the brand name of a particular company, firm, or individual.
Understanding the Term Trademark and Its Registration
Trademark is popularly referred to as Brank Name. However, legally it is termed Trademark. It refers to any Mark, symbol, words, logo, shape, letter that defines the service or product. An exclusive logo or name that holds the market and can differentiate from the other products in the industry is the importance of Trademark. To protect one’s Trademark, he should register it under the Trademark Act. Once the application number for Trademark registration is given, one could start using the symbol to make people aware of his brand or trade name. This makes the product unique, and this is the importance of Trademark. Registration of Trademark in India is necessary to create the company’s goodwill or brand. Trademark, along with itself, holds the goodwill of the brand name. This Trademark works as an identification mark that shows the unique innovation of the product or sound, and this is the importance of Trademark. This is the importance of Trademark that cannot be ignored.
It is vital to make a point that before the registration of Trademark in India, it is first authoritative to assess the type of Trademark that best suits service or product and conduct a Trademark Search so that there is no confusion in the future. This is the importance of Trademark in India.
Trademark Registration Process In India
The most crucial step in the trademark registration process comprises checking out if the Trademark chosen by the person already exists or not by conducting research of Trademark, which is the importance of Trademark. If the Trademark selected is available, then the second process involves verifying the type of Trademark. If the selected Trademark is not general, one should take expert opinion and create another trademark on similar lines. However, if the proposed mark is unique in itself, the possibility of rejection comes down, and this is the importance of Trademark. Further, one must choose the suitable class under which the Trademark is registered. After selecting all these things, there comes the stage of filing the trademark application, where one needs to fill in the essential details to get the registration process started. The registrar then conducts an examination process to check the feasibility of the mark. Suppose the registrar accepts the proposed mark and does not face any objections. In that case, one will obtain the trademark registration certificate and use the ® symbol on the corresponding product or service. This is the importance of Trademark.
Importance of Trademark Registration in India
The importance of Trademark is as follows:
1) Exclusive Trademark Rights
A registered trademark holder holds exclusive Trademark Rights and can also stop unauthorized use by a person or company. Also, the owners can use the same Trademark for all the products or services falling under the class/classes applied. The importance of Trademark is that it provides exclusive trademark rights.
2) Builds Customer Loyalty and Goodwill
The worth of the product or service corresponding to the registered Trademark builds goodwill and trust in the customers. Notably, the registered Trademark makes it easy to communicate the unique characteristics and vision of the company and its brand. Therefore, it can be said that the importance of Trademark is that it builds customer loyalty and goodwill.
3) Protection Against Trademark Infringement
No one has the right to use the registered Trademark, and if someone does the same, it calls for legal proceedings against such infringement. Therefore, it can be said that the importance of Trademark is that it protects against trademark infringement.
4) Creation of a Valuable Asset
Trademark registration helps create an intangible asset, and the person gets the exclusive right for selling, franchising, assigning, and commercially contracting innovation. The importance of a Trademark is that it helps create a valuable asset.
5) Differentiates your Product or Service
Trademark registration in India makes it convenient for the customers to make them aware of the product or service. Therefore, the importance of Trademark is that it helps the customers differentiate between the products.
6) Trademark Protection for 10 Years at Minimal Cost
After Trademark registration, it is only required to pay the maintenance and renewal cost, which is ten years from the date of application of Trademark. The importance of trademark registration cannot be ignored. It is available at minimal cost, and one should get the Trademark registered to get the unique image of the company or brand. This is the importance of Trademark.
7) Use of ® Symbol
After the Trademark registration, one can efficiently use the ® symbol, which suggests that it is a registered trademark, and no one can use it without looking for the trademark holder’s consent. This highlights the importance of the Trademark.
Registration of Trademark gives certain rights to the owner to protect their product or service and protects Trademark. It helps the holder of the Trademark to build goodwill and loyalty. The customers attach the quality of the products to the brand name, which creates the product’s reputation in the market and attracts new customers. This is the importance of Trademark in India, and one must get the Trademark registered by seeking the correct legal opinion.