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AB assigns the rights in the brand with respect to only the dairy products to YZ and retains the rights in the brand with respect to pickles and sauces.) This is called partial assignment.Assignment with goodwill: Such assignment where the rights and the value of a trademark as associated with the product is also transferred to another entity. Ab, the proprietor of a brand “Pure” relating to dairy products, sells his brand to YZ such that YZ will be able to use the brand “Pure” with respect to the dairy products as well as any other products it manufactures.) Assignment without the goodwill: Such assignment are also referred to as gross assignment, where owner of the brand restricts the right of the buyer and doesn’t allow him to use such brand for products that are being used by the original owner.
This is very important not only to protect rights of the Licensor in its own brand and to protect any misuse thereof, but also to secure the licensee with his rights to use such a brand.
Unlock Value Through an assignment agreement, the brand owner is able to unlock the value of the brand, which, until this point, only had value on paper.
Trademark licensing is beneficial to both the parties.
Despite the fact that the licensor enjoys its rights to the mark by receiving the royalties for its use, the licensee is able to expand the market operations by using the brand and developing its reputation.
The assignment of a trademark occurs when ownership of such the mark as such, is transferred from one party to another with or without the goodwill of the business.
In case of a registered Trademark, such assignment is needed to be recorded in the Register of trademarks.
These restrictions are: The restrictions on the assignment that results in the creation of an exclusive right in more than one person with respect to the same goods or services, or for the same description of goods or services or for such goods or services as associated with each other.
The restriction on the assignment that result in different people using the trademark in different parts of the country at the same time.
According to the Trade Mark Act, 1999, contrary to the requirement in case of an Assignment, the registration of a license agreement with the Trademark Registrar of a mark is voluntary, not compulsory, and it is advisable.
Moreover, like in an Assignment agreement, it is again important that while drafting a License Agreement, the rights and the duties of the licensee are distinctively pre-determined and defined.