Role Played By 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.
Trade mark law is a very significant tool when it comes to any economy in the production of goods and services which is why there must be the existence of trade mark law in order to ensure there is peaceful running of businesses in the market places.
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. 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.
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.
The trade mark laws come u[p with principles which are used to ultimately protect the consumers of certain products and services by prohibiting companies ,manufacturers, and other business owners from using trademarks that are considerably similar to those of other companies that may have more similarity in brand and customer loyalty to the products and services which they are used to buying or purchasing.
The trade mark also helps to come up with laws, rules and regulations which are very important because they help the consumers to avoid getting confused and uncertain concerning which products and services they want to buy, for instance when there are different companies or business using the same logo in their brands of 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.