An Invention Agreement is crucial for businesses which run on intellectual property, as it serves as a shield to protect the valuable intangible assets (intellectual properties) which it owns. A proprietary information and inventions agreement is a legally binding agreement between a company and its employee, drafted to protect such intellectual property of the business. This agreement defines the proprietary information that comes to the knowledge of the employee or if he develops anything new, on behalf of the business. Proprietary information and inventions agreements mandates employees to keep proprietary information confidential and secured.
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.
The key provisions are as follows:
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