Trademarks, like other assets, can only realize their maximum value if they are carefully managed. A well maintained trademark portfolio can enhance business relationships, give your business a competitive edge and create licensing revenue. Sound legal and business sense is required to take full advantage of these opportunities.
Poor trademark maintenance can lead to even worse consequences than missed business opportunities. Neglecting a trademark or failure to comply with renewal procedures can lead to the forfeiture of your marks. “Genericide”, which occurs when a once-distinctive mark loses its capacity to identify the source of a good, can also diminish your rights. Moreover, failure to take the necessary steps to enforce your mark against infringers can result in the mark’s cancellation.
Simply retaining your trademark rights however is only a secondary benefit of exercising them. Once you have established your rights in a trademark, you are entitled to exclusive use of the trademark. Therefore you can prevent competitors from using the mark without your permission. Also, you can sue to receive damages from infringing users.
