Employee Invention Agreement Law and Legal Definition
The Employee Invention Agreement is a legal contract entered into by a Company and a prospective Employee wherein the prospective employee agrees that any inventions that employee produces during employment will be considered property of the company. In this Employee Invention Agreement, the Employee acknowledges and agrees that the Company's competitive advantage and growth depends on its exclusive possession of certain proprietary information. Thus, the employee will be agreeing to keep company confidential information confidential and more importantly, they agree that any inventions they produce during their time at company will be owned by the company. It is likely that as employee works and accesses with company’s intellectually property, they may have patentable ideas/products and company would like to ensure that such work remains the property of the company. This however does not include those certain inventions by employee prior to employment with company and it will be listed as “Excluded inventions” in the Agreement.
Legal Definition list
Related Legal Terms
- Acceptance of Service Agreement
- Account Agreement
- Accounting Agreement
- Acquisition and Cross-Servicing Agreement
- Acreage-Contribution Agreement
- Actuarial Experience [Employee Retirement]
- Actuarial Services [Employee Retirement]
- Administrative Employee
- Administrator of an Employee Benefit Plan
- Advance Pricing Agreement
