inventions assignment agreement
Definition
An inventions assignment agreement is a contract that your employees or contractors sign to confirm that anything they create while working for you belongs to your business, not to them personally. This covers things like new products, software, processes, designs, and other creative or innovative work developed on the job. Without this agreement, an employee could potentially claim ownership over something valuable they built while you were paying them to build it.
Example
You hire a developer to build a custom app for your business, and she signs an inventions assignment agreement before starting work, which means your company legally owns that app even after she moves on to a new job.
Watch Out
Some states limit what these agreements can cover, so a lawyer should review yours to make sure it holds up in court.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.