A trademark provides protection to the owner of the mark by ensuring an exclusive right to use the mark to identify his goods or services, and/or to authorize another entity to use that mark in return of consideration. The period of protection usually last for ten years, but a trademark can be renewed indefinitely beyond the time limit on payment of renewal fees. Trademark protection is enforced by the Courts, which has the authority to prevent trademark infringement.
In a larger sense, trademarks promote initiative and enterprise worldwide by rewarding the owners of trademarks with recognition and financial profit. Trademark protection also hinders the efforts of unfair competitors, such as counterfeiters, to use similar distinctive marks to market inferior or different products or services. The system enables people with skill and enterprise to produce and market goods and services in the fairest possible conditions, thereby facilitating international trade.