Trademark owner has the right to sell, license and transfer the property in a similar way as the physical property is transferred.
If the trademark is transferred by way of assignment, the person has to bring himself on record with the trademark registry by making an application with an appropriate fee as prescribed.
The trademark assignment made by the proprietor must be in writing and it must identify the parties i.e. assignee and assignor.
The owner of the trademark transfers all the rights related to the TM to the other party. For instance, I own brand X and I sell the mark completely through an agreement. This would mean that once the mark is retained by another party I lose complete right over it.
If the owner transfers the right over the mark but limits the transfer of goods to certain goods and services. For instance, Proprietor X own trademark with respect to dairy products and jams and jellies but only transfers the right related to dairy products, here this will amount to a partial agreement.
Here the trademark proprietor transfers the trademark as well as the value of the trademark associated with the product. Example if the trademark owner has TM registration for word Pure with respect to dairy products the person to whom the mark has been transferred can use the word Pure along with other products it manufactures, as well.
The owner of the trademark restricts the right of the assignee and does not allow him to use the mark in respect of goods already being sold by him, and thus the goodwill attached to such brand is not transferred to the buyer.
Trademark assignment should be applied in the following manner:
An application for trademark assignment shall be made by the assignor or assignee, or both can make a joint request to register assignee as a subsequent proprietor.
File the application in form TM-P with the registrar of the trademark within six months from the date of acquisition of the proprietorship. You can file the application later, but the requisite fee may vary accordingly.
In case of assignment without goodwill or assignment of a certified trademark, the direction from the registrar of trademarks is required before the expiry of six months from the date on which assignment is made or within the extended period which is allowed by the registrar.
Advertise the assignment in such form and manner and within such period as the registrar may direct. A copy of the direction of the registrar and advertisement of the assignment must be submitted to the office just to make sure that the directions have been followed accordingly or not.
On the receipt of the trademark assignment application and required documents, the registrar after getting satisfied shall register the assignee as the proprietor of the trademark and the particulars of the assignment to be entered in the register.