Benefits of Trademark
Although not familiar to many, trademarks are very valuable assets. A trademark is either in the form of a logo, word, taste, scent, shape, sound or a combination of two of more of these ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬â€œ to distinguish the products and services of one company from the other. Trademarks also help to assure customers of providing consistent quality, which in turn promote healthy competition.
1. Availability search
A trademark basically discourages people from using similar mark by making sure that the mark appears in a trademark search option, thus preventing problems from arising. The trademark office is obligated to quote prior registrations to ensure there is no confusion or infringement.
2. Validity of ownership
It also acts as proof of ownership and validity of the services and goods listed in the form of registration, which comes with a protection that lasts for five years, and is invaluable in court proceedings or convincing the other party to stop using the trademark without seeking legal action.
3. Right to statutory damages
A trademark also entitles you to specific statutory damages just in case you find yourself in a case that involves counterfeiting. It helps to relieve you from the need of demonstrating the damages so as to receive monetary compensation
4. Protects your brand
Promoting your company’s brand is just as important as protecting your right of ownership and is vital for the growth of your company. Intellectual property plays a role in protecting your brand’s name, thereby reduce the risk of counterfeit.
5. Marketing prestige
It grants you the legal right to use the ÃƒÆ’Ã¢â‚¬Å¡’Â®trademark for the services and goods as listed on the registration form, giving your merchandise more marketing prestige as well as an added advantage over your competitors.
Despite having numerous advantages, your trademark may lose value in the long run when you fail to renew your license.