I am an individual inventor. I need to disclose the CAD design of an incomplete invention with high value to the CAD software provider to resolve issues with the software in their simulation software product. They or their parent company are rapidly expanding in horizontal and vertical markets. They are a reputable company and in email discussing submitting the design I stated "I am sure the information will be protected to the best of your ability and I expect that no effort will be made to develop it independently or use the information for insider trading or acquisition of horizontal or vertical market products that I may require or benefit from." Knowledge of the product may have as much business advantage and value as the product. Do I need additional terms in a standard Non-Disclosure to protect my position and market opportunities?
They seem somewhat "loophole" oriented. Is there a better form or agreement?
Thank you for using JustAnswer. I am researching your issue and will respond shortly.
Just to be clear, you have a non-disclosure, non-compete agreement that you have submitted, or they have one that they want you to sign?
Did you see my follow up question to your issue?
Should I continue to await your response, or may I assist the other customers that are waiting?
My apologies, but I must assist the other customers that are waiting. Once you respond to my follow up question, I will respond as soon as I can. Please note that I may be assisting other customers or otherwise out of the office (depending when you respond). Thank you.
Sorry, I am care giving alone 24/7 to an ill Mother so my time online is erratic at best.
I need them to sign whatever agreement best serves my interests. The invention is important but so is the horizontal and vertical markets it enhances and even creates (great work with broad impact). I need to minimize anyone's temptation to “take off” and develop or buy markets affected.
If I don't reply within 30 seconds go on to others – grateful for your help!
In this case they are a software provider that needs to see my work to troubleshoot their software. If they like what they see I could consider a deeper relationship given my limited time and budget to work on my own. With "first to patent" a resourceful entity could clip my wings PDQ.
(She is in her 80's with Alz's.)
Fictional invention example – indestructible lightweight cable invention (good), makes design and operation of space elevator feasible (better). I want to keep a piece of resultant product developments that can quickly become feasable.
Thank you for your response. Apologies for the delay, but I was out of the office when you responded.
I would suggest a non disclosure agreement (https://www.rocketlawyer.com/secure/interview/new.aspx?id=95&try=1&v=3&utm_source=1024#q1) as well as a non compete (https://www.rocketlawyer.com/secure/interview/new.aspx?id=94&try=1&v=3&utm_source=1024#q1)
The above linked forms are very good, and if you get the other party to agree and sign, they will protect your interests. The non-disclosure means that they can't use it or disclose it to any other parties without your consent, and the non-compete means that they can't use the information to actually compete with you.
Now to be honest, if this design is of multi million dollar possibility, I would highly suggest getting an attorney that handles intellectual property non disclosure agreements to specifically tailor the agreement to your situation.
But if the outcome is not certain, etc... then these agreements should be sufficient.
Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
Top Notch - Thank You, (multi million+ looks right, but barely getting by - but hey, if you can drop a few names for sympathetic firms offhand - and allowed too - all the better - 28716).
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