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.
The following are the ways in which trade mark law serves a very significant purpose in the business economy and how this positively affects businesses, companies, organisations and consumers a s whole. 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.
With trade mark laws put in place or in action, other companies, business owners, manufacturers and organisations are prevented or prohibited from using the logo of other different manufactures ,companies, or businesses in the promotion of their products and services and as a result it ensures that every manufacturer just uses their logo, name or phrase for identifications hence fair competition in trade.
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.
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.