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There are many advantages to renewing a trademark. Registration of the trademark awards the holder of the trademark many rights that are protected by law. It prevents the infringement of the trademark and also provides for restitution in case of such infringements.
It also allows the holder the right to transfer the trademark to another person or company at their will. Licensing of trademarks are only possible if the holder of the trademark is has registered the trademark; therefore a registered trademark holds immense monetary value.
How to renew a Trademark: A registered trademark is only valid for 10 years, after which it needs to be renewed. The registrar of trademarks will send you a letter of reminder of the expiry of the trademark 6 months prior to its expiry. When you are going to renew a trademark you have two options:
- Legal Safeguard
You can quickly establish your rights in court only if you believe your registered trademark has been infringed.
- Create A Unique Identity
Registering your trademark is the first-ever step toward ensuring your customer’s satisfaction to identify your services or products with your brand. After that, the law will then prevent any similar words or slogans from being registered for any other goods or services.
- Create Business Chances
If you want your brand to be succeeded, then a trademark is an intangible asset that can be immensely valuable. Many companies can earn huge money in royalties through licensing agreements or even transfer of ownership to interested or to be involved parties.
- Extension Of Ownership Rights
After the renewal of the trademark, over the brand name, one can benefit from violations of his/her rights over the ownership. It provides goodwill created by the brand and the permanent protection of your brand.
- Fewer Chances For Litigation
It is possible to have seamless trademark protection without any chances of litigation if you abide by rules and renew your trademark on a timely basis. Other than the trademark owner, the renewal of trademarks makes it impossible for someone to claim rights over the registered mark.
- Security For Brand Name
Renewal of trademark promises unhindered and continuous protection of the brand name and gives security. Disappointment and failure of renewal leads to a break of legal protection in Brand name.
- Monetary Returns
In return for some monetary compensation, a trademark owner has the exclusive rights to license or assign the registered trademark to someone else. You should take note of it; as a result of this, one can profit from a trademark that is registered as well.