A Trade Mark Assignment allows the trade mark owner to transfer the owner's rights, title, and interest in a trade mark or service mark. It provides a record of ownership and transfers and protects the rights of all parties.
An assignment differs from a licence, which is the grant of permission to use a mark in some manner but does not transfer any rights in the mark.
If you are selling a business or a product line, you may need to transfer the trade mark that is associated with it. Alternatively, you may want to sell trade marks that you no longer use as a way to generate revenue.
When it is time to grow a business, companies may also look to purchase trade marks to support their growth. The buyer must be sure that the seller does, in fact, have legitimate title to the desired trade marks.
A well-drafted Trade Mark Assignment can help in both circumstances. It ensures that the rights in a trade mark are clearly identified and transferred and that both parties are clear on their rights and remedies.
When drafting a Trade Mark Assignment, it is important to focus on a number of key clauses, in particular: