Significance of Trademark Law
A trade mark can be defined as a word, phrase, sign or character which is unique and it is placed on the source of the goods so that they can be differentiated from the goods from other parties. 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.
There are benefits that are incurred as a result of having trade mark law and some of these benefits that come from having trade mark law includes the following. Law firms help to promote peace in that they provide laws which ensure that different business and companies use different and specific logos to identify their goods and eservices and us a result preventing any conflicts between them resulting from the sharing of the same logo.
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.
Another reason why trade mark law is very important in any business is that they ensure that there are rules and regulations that protect both the manufacturers and the consumers of certain products and services.
Trade mark law is put into practise in order to avoid consumer confusion and preventing companies from attenuating the logos, words, phrases, designs or signs used by other companies or manufacturers to identify their products and services.
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.