Businesses are in a constant battle to protect their rights, brand, and image. In addition to running a successful business, it is important in many cases to successfully navigate the complex world of business & commercial law. This field of law is constantly changing and evolving to meet the needs of business owners and the consumer. Staying up to date with the most recent changes is important for New York business owners.
Changes can occur at any time in the business and commercial law world, such as the most recent change of the Trademark Modernization Act. This act could have a substantial impact on a number of New York Businesses.
What is the Trademark Modernization Act
The Trademark Modernization Act, also known as TMA, was implemented by the United States Patent and Trademark Office in December of 2021. This act is meant to “clean up” the trademark world by preventing and spotting fraud and removing unused (yet registered) trademarks from the federal trademark registry. The Trademark Modernization Act also serves to streamline processes for applying for a trademark. The act however can provide challenges to those who have had a registered trademark for under 5 years. During the first five-year period of a trademark, it is open to challenge by the federal government. This “challenge” simply requires businesses to submit proof that their mark is used and was acquired legitimately, after 5 years the trademark is referred to as “uncontestable” meaning it is no longer open to challenge requests from the government.
Understanding Business & Commercial Law
Understanding and keeping up with the evolving world of business law can help owners run their companies more efficiently. Just as the new Trademark act can affect processing times and spotting fraud, business owners who obtain trademarks legitimately can be substantially helped by the new act. If you are a business owner in New York, today may be the best time to start understanding the laws pertaining to your field of operations.