Trademark assignment and transmission is the provision under the Trademarks Act to change the ownership of a Trademark from one person or entity to another. This may be done for any financial consideration or maybe a mere transfer to its successor. The new Trademarks act has enabled unregistered trademarks to be assigned or transmitted with or without the goodwill to another person or entity. Trademarks associated with each other will have to be assigned together.
There are two types of assignment or transmission, one with goodwill and another without goodwill. The transfer of goodwill confers on the transferee of assignee the exclusive right to carry on the business transferred, the exclusive right to represent himself as carrying on such business and the exclusive right to use the brand name under which the business has been carried on.
If any trademark which is being transferred has already been licensed to any other person or entities, the license agreement automatically stands terminated. A fresh license needs to be executed with the new owner in such case.