Tennessee Trademark Assignment and License Agreement Regarding Design Mark
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FAQ
The assignment of trademarks refers to the legal transfer of ownership of a trademark from one party to another. This process is vital for businesses that may want to sell, license, or otherwise transfer their branding. A Tennessee Trademark Assignment and License Agreement Regarding Design Mark facilitates this transfer smoothly.
A licensed mark is a trademark that a franchisee, or other licensee, has obtained the right to display for a certain period of time. The licensee doesn't own the trademark, but the trademark owner has granted him the right to display the trademark for a limited time, and subject to certain conditions.
A trademark licence is an agreement between a trademark owner (the licensor) and another entity (the licensee) in which the licensor permits the licensee to use its trademark for commercial purposes.
Trade mark licence agreement granting a licensee the right to sell products covered by a registered trade mark, drafted in favour of the licensor.
Registration under the TTMA is a streamlined process through the Tennessee Secretary of State's Office. The application fee is only $20 per class within which you want your mark registered.
The term 'assignment' and 'license' cannot be interchanged. A license is different from an agreement. Generally, in absence of any provision to the contrary, the assignee becomes the owner of the assigned work, whereas in case of a license the licensee gets the right to exercise particular rights only.
A trademark assignment is the transfer of an owner's property rights in a given mark or marks. Such transfers may occur on their own or as parts of larger asset sales or purchases. Trademark assignment agreements both provide records of ownership and transfer and protect the rights of all parties.
To put it summarily, in case of an assignment of a trademark, there is a change in the ownership of the registered brand and in case of licensing, the right in the trade mark continues to vest with the original owner but only few restricted rights to use the brand/mark are given to the third party.
The Act allows a registered proprietor to assign or license out the use of his trademark. The assignment and licensing can be made with or without the goodwill of the business concerned. A trademark need not be registered to be assigned or licensed.
Section 2(1)(b) of the Trade Marks Act, 1999 states that assignment means an assignment of a trademark in writing by the act of the concerned parties. Both unregistered and registered trademarks can be assigned with or without the goodwill of the business.
