WHY YOU NEED TO CONSIDER REGISTERING TRADE MARK FOR YOUR BUSINESS:
- A trade mark is an important asset for one’s business and contributes to the goodwill generated.
- A registered trade mark can stop others from using your trademarked business name / logo etc. with regards to good(s) or service(s) if it is registered.
- Trade mark can be considered as an asset as it can be sold, licensed or assigned.
- A trade mark guarantees the identity of the origin of good(s) and service(s).
- A trade mark stimulates further purchase.
- A trade mark serves as a badge of loyalty and affiliation.
WHAT IS TRADE MARK?
A trade mark is a sign, symbol, word, or words legally registered or established by use as representing a company or product.
You can use to distinguish your business’ good(s) or service(s) from those of other traders. A trade mark can be represented graphically in the form of your company’s logo or a signature.
BENEFITS OF REGISTERING A TRADE MARK
The registration of a trade mark confers upon the owner the exclusive right to the use the trade mark in relation to the good(s) or service(s) in respect of which the mark is registered and to indicate so by using the symbol (R), and seek the relief of infringement in appropriate courts in the country. The exclusive right is however subject to any conditions entered on the register such as limitation of area of use etc. Also, where two or more persons have registered identical or nearly similar marks due to special circumstances, such exclusive right does not operate against each other.
It takes a lot of efforts and time to create a brand of any good(s) or service(s). Once created, all benefits and rights tangible or otherwise, associated to it becomes your property and can reap you infinite goodwill.
WHY IT IS IMPORTANT
Since trade mark provides exclusive right over your mark it distinguishes your product form your competitors. It also helps consumers ascertain that different good(s) are from a single source and of a particular quality.
Building Trust / Goodwill – Serving the public with quality product under a registered trade mark helps you to build up trust/loyalty of your consumers. A registered trade mark also portrays that you personally care about your brand which further passes on positive values about your brand in public.
Legal Protection – Once the Trade mark is registered the owner has the power to sue any third party who tries to infringe your brand.
Exclusive Identification – Trade mark helps a consumer to identify uniquely the product and service provided by you. It builds up an image in the marketplace.
FUNCTION OF A TRADEMARK
Under modern business condition a trade mark performs four functions:
- It identifies the good(s)/ or service(s) and its origin.
- It guarantees its unchanged quality
- It advertises the goods/service(s)
- It creates an image for the goods/ service(s).
WHAT CAN BE TRADEMARKED?
- Brand Name i.e. Idea etc.
- Logo i.e. Idea
- Slogan i.e. An Idea can change your life (Idea)
- Short Phrases i.e. “what an idea” (Idea).
RIGHT TIME TO REGISTER A TRADEMARK: The most asked question is “What is the right time for trade mark Registration”.
Registering your brand name in the early stages provides you an opportunity to check whether any company or organization is already using same or similar brand name which might lead to litigation or confusion in the targeted audience resulting in the loss of revenue. Moreover, protecting your brand name in initial stages will also provide you protection from the competitors by deterring them to use your brand name to reap profits.
WHO CAN USE SYMBOL ® IN INDIA – Only the proprietor of a trade mark whose trade mark has been registered in India can use the symbol ® in India. Using the symbol ® unless your mark has been registered in India is unlawful.
WHEN CAN THE SYMBOL ™ BE USED IN INDIA – Using this symbol with your trade mark simply implies that you claim to be the proprietor of the trade mark. There is no prohibition on the use of the symbol ™ in India.
There is a penalty prescribed under criminal laws for infringement of a trade mark in India. The penalty is for selling or providing service(s) using a false trade mark is a minimum of six months and maximum of three years and with fine not less than Rupees fifty thousand but which may extend to Rupees two Lakhs.