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Trademarks in Business

Any symbol design or sub-combination of such or a slogan that identifies the source or sponsorship of certain goods and services is called a trademarks. On like the patent, a trademark can last definitely as long as the mark continues to perform its indicated function. A trademark is given an initial 10 years registration with 10 years removable terms.

Affidavits is usually filed in the 5th-6th years indicating that the mark is currently in commercial, use. If no habituates is filed the registration is canceled. Registration is canceled. Registration must be renewed between 9th-10th year or else it will be canceled but a 6 months of grace is allowed.

Registration of Trademarks can cover significant benefits to the entrepreneur.

Benefits of Trademarks

1. You have the exclusive right to the use of the mark throughout the territorial unit of the registration.

2. It entails you to take legal action against any infringement and claim damages cost.

3. Establishes incontestable right regarding the commercial use of the trademark.

4. It entitles you to use the notice of registration.

5. It provides the basis for filing trademarks application in foreign countries.

6. It provides right to deposit registration with custom and exile to prevent importation of similar trademarks.

Protection against theft of brand identifiers

Everyone is aware of the fact that just a few months ago in March, Apple managed to win 539 million US dollars from Samsung in court as the Cupertino giant got the federal court in San Jose to rule against Samsung for infringing on a number of smartphone-related patents. While the details of the case are still a bit sketchy and not without its own set of controversies, there is no doubt about the fact that Apple won big because they were wise enough to trademark and patent almost every aspect of their products and business before anyone else did.

Trademarks are of course, different to patents in the sense that the former refers to the exclusive legal rights of using a particular, distinguishing mark/word/sign which acts as an identifier for the concerned company, while the latter mostly concerns registering exclusive legal rights pertaining to new designs, innovations, novel ideas, inventions, etc. by the concerned party. Nevertheless, it serves as a fine example of how trademarks, copyrights and patents can not only help a business to stand out from the rest, but in the event of a breach, they can also receive adequate compensation from the accused parties.

Trademarks are crucial for marketing

In many Asian countries, the iPhone is seen as a status symbol and, strange as it may seem to an outsider, it is one of the main reasons why Apple has a good market share in the higher segment of smartphone sales in countries such as India, Bangladesh and Sri Lanka. The point here is that when people start associating a brand with quality, status, good price-to-performance ratio or any other positive trait, the sales will increase and it is exactly during that time that the company will need a registered brand identifier that lets people recognize its products by simply looking at the logo, sign, or mark.

Read more… 

New dawn for trademarks in Nigeria – all eyes are on regime overhaul

The Ultimate Secrets to Protecting your Business Trademarks

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