Tangible assets have been considered an essential resource for the growth of a business and were given utmost importance all over the world. Until the time the importance of intangible assets came into existence. It took over a decade or two to realize the importance of intangible assets and ultimately it led to the development of intellectual property laws.
Intellectual properties in simple terms reflect any property, which is created with the person’s intellect that is to say; through a person’s mind. Intellectual Properties include Trademarks, Copyrights, Patents, Trade Secrets etc…
Trademarks are a form of intellectual property. Trademarks are marks, that business entities use to differentiate goods or services from other existing businesses in the market. These marks include any word, symbols, phrases or insignia. There can be trademarks as well as service marks. Trademarks are used for the purpose of goods and service marks are used for the services provided by the various business houses or entities.
Trademark disputes are disputes involving disputes or rivalry between various trademarks Trademark Dispute can be of various types. Disputes in registration of a Trademark, licensing of a Trademark or Trademark infringement, cybersquatting or domain name dispute.
Arbitration has extended its jurisdiction toward the resolution of disputes involving trademarks due to the considerable growth in the Intellectual Property Sector. Various countries across the globe, including India, have started working towards their Intellectual Properties and made various laws, which govern them. However, with the growth in Intellectual Property, there has also been a spike in the Disputes relating to these. “Arbitration- Mediation” resolution method has been an aid in the resolution of intellectual property disputes. Still, no hard and fast rules have been made to date. The introduction of arbitration in the resolution of trademark disputes or IPR disputes will be an aid in lessening the burden on courts.