Significance of Trademark Law
Trademark refers to a word, letter, phrase or symbol that is used to identify the source of the goods and services from a specific producer or manufacturer for the purpose of recognition and indication of the source of the product . Trademark law on the other side refers to the policies or rules which are used in the courts of law to govern the disputes between business owners and manufacturers over the names, logos and other means that they use for identification of their products and services in the market places.
In order to have business running smoothly in any market place, there has to be trade mark laws in order to ensure that there is fair competition between the business owners and companies.
In this article, we are going to discuss the various ways in which trade mark laws plays a very important role in business. By solving disputes and disagreement s between the business owners, companies and organisations, the trade mark laws help to ensure that there is understanding between the business owners, company managers and organisations so that there is promotion of peace as they run their businesses.
Trade mark law also helps to ensure that there is fair completion between companies and manufacturers who produce the same products and services in the market and hence the smooth running of businesses.
The trade mark law is very important because it helps consumers to have the products and services which they normally use protected and thus they have to stick to the products and services without getting worried that anything might change concerning the product or service in any circumstance
Some businesses, companies or organisations may be tempted or some of them do it intentionally to alter the quality to the reputation of a distinctive trade mark of a product or service then uses the same logo, design or phrase that the original producer or manufacturer of the same product or service uses in order to spoil the market of the product or service in the market place so that the consumers can switch to the products and services of the manufacturer who tempered with the other party’s products which is why trade mark law is there to prevent such case from happening thus ensuring there is fair trade without any confusions.
By trade mark law helping companies, business owners and organisations in developing the goodwill of their products and service to helps to also ensure that other parties are prevented from exploiting the brand of the company’s or organisation’s products and services.