Confidentiality Agreement
The agreement below offers protection to your idea when you disclose it to us, even if you have not applied for a patent. Please read it carefully. If you do not understand it please consult with a professional legal adviser. The Agreement its activated when you submit your invention.
We look forward to learning about your invention!
Mike Marks
President
Invention City, Inc.
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AGREEMENT TO KEEP INFORMATION CONFIDENTIAL
This Agreement to Keep Information Confidential is made and entered into by and between you, the discloser of an invention idea (Inventor) and Invention City, Inc., a Massachusetts corporation together with its advisers and affiliates, (Reviewer).
1. Inventor has developed and owns all rights to an idea (Product) and wishes to disclose the Product to Reviewer for evaluation of a possible business relationship (“Disclosure”). Both Inventor and Reviewer want the Disclosure to remain confidential and proprietary to Inventor as described in this Agreement.
2. Reviewer will hold in confidence all information relating to the Product that Inventor discloses to Reviewer hereafter and shall not directly or indirectly disclose to others such information. Reviewer will protect the Disclosure as carefully as it protects its own trade secret information. To avoid misunderstanding, all Disclosure information shall be written (either by text or graphic) or tangible; orally transmitted information is not included by this Agreement. Inventor will make clear and keep a record of what information Inventor has disclosed to Reviewer.
3. Inventor retains all rights to the Product and Disclosure.
4. This Agreement does not apply to any information that was already known by Reviewer at the time of Disclosure or was publicly available at the time of Disclosure. This Agreement will cease to apply if a) Disclosed information becomes publicly available through no fault of Reviewer, b) is publicly disclosed by Inventor, c) is independently disclosed to Reviewer by an unrelated third party, or d) three years from the date of entering into this Agreement.
5. Both Inventor and Reviewer agree that this Agreement does not give either of them any rights to information or property owned by the other. Improvements or modifications to the Disclosure shall be protected under this Agreement when Disclosed as described in section 2.
6. This Confidentiality Agreement may change in the future. In such event, the version of Agreement in place at the time of your submission and Disclosure shall remain in effect.
7. This Agreement is governed only by Massachusetts law. Any dispute under this Agreement that cannot be settled by the parties themselves or with the assistance of a mediator within one month of notice of the dispute (except for the issuance of an injunction) will be settled by arbitration on an accelerated basis by a single arbitrator in accordance with the rules of the American Arbitration Association, both mediation and arbitration to be held in Barnstable, Massachusetts USA. Each party will pay its own expenses of mediation and arbitration and equally share the mediator/arbitrator's fee and facility rental (if needed), unless the arbitrator chooses to require one party to pay all or a portion of the other party’s expenses.
By clicking on "submit" I understand that I am entering into a legally binding Agreement with Invention City to protect the confidentiality of my Product idea for review. I have been encouraged to consult with advisors of my choice before entering into this Agreement.
rev 12-19-18
Agreed,
"Reviewer"
Invention City, Inc.
Agreed,
"Inventor"
Discloser of an invention idea
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Frequently Asked Question:
Can you steal my idea after three years?
If you do not understand our Confidentiality Agreement and its limitations, you should seek the advice of a lawyer.
Here's how we see the question from a business perspective:
Three years is pretty standard for a confidentiality agreement (also known as a NDA or Non Disclosure Agreement) and provides a longer period of protection than a provisional patent application, which lasts for only one year.
You can learn more about our views on confidentiality agreements and patents at the following links (business perspective, not legal advice):
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