TRADEMARK LICENSE AGREEMENT
Some of the most valuable properties around today are trademarked names, logos, motto’s or other emblems of a company. A company’s image and brand are integral parts of their business identity, and trademarked property are key parts of this. These images are jealously guarded by their owners, but just like any other property, they can be sold, licensed or loaned to others. When you want to allow another party to use your trademarked property, or you are seeking to use another perty’s trademarked property, you will need to enter a Trademark License Agreement. These agreements can be lucrative for all parties involved, if they are drafted correctly. Here is what you need to know:
- WHAT IS AN TRADEMARK? A trademark—sometimes spelled ‘trademark’ or ‘trade mark’—is a legally recognized, unique logo, phrase or other similar property. To be enforceable, a trademark has to be registered with the government. Once you trademark rights are granted, the holder of the trademark has the rights to use it exclusively.
- WHAT DOES A TRADEMARK LICENSE DO? A license to use a trademark allows someone other than the trademark owner to use the property. Trademark License Agreements commonly allow manufacturers or other business the right to use the trademark in conjunction with creating a product for the holder. If you own a company who has a corporate logo, for example, you can license a clothing manufacturer the right to use your logo to print a series of shirts and hats.
- WHO CAN GRANT A TRADEMARK LICENSE? Only the owner of a trademark can grant a trademark license. Such licenses are essential identical with a lease or other temporary rental agreement. The only difference is the nature of the property you are using. For example, you might rent a sailboat for a 2-week trip, agreeing to pay for the right to use the sailboat and give it back once your time is up. Similarly, you can be granted the right to use a trademark for a specific time, or in a specific manner, etc.
- WHAT NEEDS TO BE INCLUDED IN THE TRADEMARK LICENSE AGREEMENT? The terms and conditions found in a trademark license are usually strict. The trademark owner has to be sure the license is limited, that it can be revoked if the trademark is used improperly, and that they are not granting the licensee unintended powers. Trademark owners need to be doubly sure the license they grant is limited, while the licensee needs to understand exactly how the trademark can be used.
Licensing trademarks, patents or other intellectual property can be a valuable enterprise for both the holder of the property and the licensee. Trademarks in particular, since they are visual representations of a company, can be powerful marketing tools. When used correctly, Trademark License Agreements can allow trademark holders to extend their image to new markets. Licensees also benefit from using images or logos already known to increase sales or exposure. No matter which party you are, a properly drafted Trademark License Agreement is the key to the successful use of these valuable properties.
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