A Trademark Assignment often contains a section of representations and warranties.
A representation means a statement of fact, while a warranty means a guarantee. The representations and warranties section contains facts that the assignor guarantees are true.
When creating a Trademark Assignment, you can choose which ones of the following representations and warranties to include. If you choose to include any representations and warranties it means that you guarantee these are factual statements at the time of signing.
Representation and warrantiesMeaning The assignor owns the mark.The assignor guarantees that the trademark is truly theirs to sell or transfer. The mark is free of all security interests.A security interest is interest in property given to a third party to ensure payment of a debt from the owner of the property. If the owner fails to pay, the third party can claim ownership over part or all of the property. The assignor guarantees that there are no third parties that can claim ownership over the trademark due to previous agreements. The assignor has not granted any licenses to use the mark.The assignor guarantees that there are no other licenses for the trademark, meaning the assignee will be the only one with the right to use the trademark. The assignor is not aware of any competing claims for the mark.The assignor guarantees that they don’t know of any other competing claims of ownership. This doesn’t mean there are no competing claims, just that the assignor is currently not aware of any.