The invention agreement also makes sure that the business or the employer owns the inventions which the employee creates during the course of his regular work or employment.
Important Provisions in a Proprietary Information and Inventions Agreement
The key provisions are as follows:
- Assignment of intellectual property rights- This provision makes certain that the business/employer obtains all rights to the intellectual property (i.e., patents, trademarks, copyrights, trade secrets, etc.) developed by the employee during the course of his employment.
- Confidentiality- This provision ensures that the proprietary information remains confidential with the employee and he does not share it with any third party.
- Non-compete- This provision restricts an employee from working with the competitor of the company, while employed with the current company and also for a specified time period thereafter.
- Non- Solicitation- This clause prevents the employee from directly or indirectly contacting the present or prospective customer, supplier, or employee of the company, to persuade them to do business with them or any of the competitors.
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