An invention agreement is created between an employee and the company he works for, whereby any item or product invented by the employee during his course of working in the organization shall legally belong to the company. In other words, anything the employee creates while being a part of the company is considered to be the property of the company. An invention agreement also has the clause that whatever is created by the employee will be kept confidential by him and only a few select people will be made aware of it.
He cannot disclose any information regarding the invention to anyone outside the company because competitors may take the idea and build their own product based on it. However, it must be noted that the company does not have any right on what the employee created before he joined the company, which are known as ‘excluded inventions’ and they continue to be the property of the employee.
[Also Read: Non-disclosure Agreement]
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