| Your corporation employs
some highly creative people. You not only encourage
them to explore the limits of their creativity but provide
significant resources to assist them.
Soon your efforts appear to have paid off when one
of your people develops a truly unique process, which
is then patented. Months later however, you’re
shocked to learn the employee not only has acquired
the patent in their own name but has licensed the rights
to your chief competitor for a significant sum. Now
what?
If you have employment contracts that clearly address
to the ownership of such rights, you should be in good
position to reassert your rights to the patented process.
Employment and non-compete contracts are essential in
protecting your rights. The contract should cover such
issues as assignment of inventions or patents to the
employer, consideration for the employee in return for
such assignments, and a clear statement that any such
work and its derivatives created by employees using
company time and resources is the company’s property.
As with any legally binding agreement, seek the advice
of legal counsel. Have your counsel review all your
current employment contracts to be certain the terms
speak to such situations. If insurance or risk management
questions arise, please contact us to align your protection
with your needs.
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