Somewhere along the way, you think you have stumbled upon the best idea since e-mail. And then, just like a million inventors, would-be inventors, builders, creators and artists, you become fearful and paranoid that someone stealing your precious work.
What if someone steals my idea? Whats to keep them from taking my idea, exploiting it and selling it for themselves? What if someone steals my idea, cuts off my head and throws me in the dumpster? What if there is no one around to go dumpster diving and find my body?
Those are all very good questions – except the one about dumpster diving.
You probably start getting visions of greedy lawyers, who cant be trusted. We know they are greedy – but are they at least honest? You probably have visions of silk suits dancing and frolicking with scantily dressed women. Maybe you even envision the lawyer stealing your precious idea and retiring to the Bahamas instead of you.
Its a horrible thought, but it does happen.
Because of thieves, most inventors and entrepreneurs have a nondisclosure agreement signed by all parties who see or discuss the new idea. These nondisclosure agreements are not full protection for the inventor because like patents, they are hard and expensive to enforce. They do give you some security, and I always recommend they be used.
Anyone who contacts our company to represent them, or to do a product evaluation for them has to first sign a nondisclosure agreement with us.
But then again – were honest. Were not looking to rip anyone off.
Nondisclosure agreements are like locks on the front door of your home.
Theyll keep honest people out, but a real thief will find a way to get in
and rob you. A respectable company or lawyer would not risk their reputation by being that blatantly dishonest.
There is too much at stake. If they dont want the project, theyll just tell you to get lost. If they do like it, theyll try to keep it a secret until its time to market it.
In a nutshell, a nondisclosure agreement says: the inventor of a new product is going to tell somebody about the new product, and that person cant talk to anyone else about said new product. If a violation occurs, either party will be able to turn to the courts to seek damage recovery.
Not really all that complicated, just some legal terms to make it cumbersome. As with any legal document, check with your attorney for proper wording to fit your particular idea or product. He or she will know the ins and outs of any local laws governing nondisclosure agreements, also know as confidentiality agreements. Do not take these contracts lightly, the largest costs are incurred when contracts are breached and litigation begins.
