Trademark
Candlefocus EditorA trademark is a form of intellectual property that consists of a recognizable symbol, phrase, or word that distinguishes the goods or services of one company from those of another company. Definitely an important asset, trademarks give businesses the ability to control the quality of the goods or services they produce and to be assured that their products are not confused with those of a competitor. As such, trademarks legally differentiate the product or service from all of its competitors and recognize the source company's ownership of the brand.
Trademarks can be either registered or unregistered. Registered trademarks are protected under federal law and are denoted with the ® symbol. Unregistered trademarks, which enjoy a lesser level of protection, are typically referred to as common law trademarks and are denoted by the ™ symbol.
The owner of a trademark must make use of it in order to receive the aforementioned protections. Many countries have what is known as a “use-it-or-lose-it” policy, which requires the owner to use their trademark properly and continuously in order to maintain their exclusive rights to the mark. If a trademark is not actively used for a certain length of time, another party may have the exclusive right to use it. It’s important to note that trademarks do not expire, but inactive trademarks may be removed from the Trademark Register.
In addition to protecting the company's asset, trademark law also protects consumers by making it easier to identify the producer of a certain product or service. As such, companies use trademarks in order to establish relationships of trust and recognition with their customers.
In conclusion, trademarks are an important form of intellectual property and as such should be protected according to the rules of trademark law. They are a valuable asset that not only protect a company’s product or service but also provide consumers with the assurance of quality.