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HOW IT WORKS
How it works
Does your company have a "secret sauce?" Are your employees creating amazing things for your company every day? If so, make sure all your employees sign an Invention Assignment Agreement. Even though court's typically recognize company ownership for its intellectual property, disputes over who owns what still come up all the time. An Invention Assignment Agreement is an easy way to put it in writing.
An Invention Assignment Agreement is an agreement between an employer and employee where an employee agrees that anything created on behalf of the company (on the company's dime) will be owned by the company. Invention Assignment Agreements are s in technology companies and emerging start-ups but can also be used for a number of other business types.
Keep in mind that the inventions or other intellectual property must be related to the company's business. For example, if you run a construction company and your tile guy invents a new type of vacuum cleaner, then you won't have rights to the invention just because you had him sign an Invention Assignment Agreement.
Other names for this document: Invention Rights Agreement, Employee Invention Agreement
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