Illinois Secrecy, Nondisclosure and Confidentiality Agreement - Promoter to Inventor

• Category: Confidentiality and Nondisclosure - Trade Secrets
• State: Multi-State
• Control #: US-01757
• Format: Word; Rich Text

Description

This agreement is entered into by an inventor and a company. The inventor has possession of proprietary information and know-how relating to an invention, and wishes to engage the company to evaluate the invention for possible patent, development and marketing. The company agrees that to maintain the confidential information in confidence and not to use it for any other purpose other than evaluation. The company also agrees not to disclose the information to anyone without a written waiver from the inventor, except for employees and sub-contractors of the company who actually have a need to know for the purposes of evaluation and are also bound by this agreement. Illinois Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor are legally binding documents that protect sensitive information shared between the promoter and inventor in the state of Illinois. These agreements ensure that both parties maintain the confidentiality of proprietary knowledge during the course of their business relationship, safeguarding the inventor's intellectual property rights. Key elements typically included in an Illinois Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor may consist of: 1. Definition of Confidential Information: Clearly outline the scope of information considered confidential, encompassing trade secrets, business plans, financial data, marketing strategies, technical specifications, or any other proprietary information discussed or disclosed during their collaboration. 2. Purpose of Agreement: State the purpose of the confidentiality agreement, which is to protect the inventor's confidential information from being disclosed or misused by the promoter for any purpose unrelated to the collaboration. 3. Obligations and Non-Disclosure: Establish the promoter's obligation to maintain confidentiality and not disclose any confidential information to third parties without the inventor's prior written consent. Emphasize that this duty extends beyond the termination of the agreement. 4. Limitations on Use: Specify that the promoter shall only use the confidential information for the purpose of evaluating the collaboration opportunity or performing their duties as agreed upon. Prohibit the promoter from exploiting the information for personal gain or competitive advantage. 5. Exclusions: Clearly state that the agreement does not protect information already in the public domain, known to the promoter prior to disclosure, or obtained independently without breaching any previous confidentiality obligations. 6. Duration and Termination: Set a specific duration during which the confidentiality obligations will be in effect. Additionally, outline circumstances that may trigger the termination of the agreement, such as completion of the collaboration, mutual agreement, or legal requirement. 7. Remedies for Breach: Describe the potential remedies for a breach of the agreement, including injunctive relief, monetary damages, or any other suitable remedy according to Illinois law. It's important to note that while the general structure and content remain similar, there may be slight variations based on the specific circumstances and needs of the parties involved. Other types of Illinois Secrecy, Nondisclosure, and Confidentiality Agreements — Promoter to Inventor may include variations based on industry-specific regulations, duration of the collaboration, or whether the agreement covers one specific project or multiple engagements.

Illinois Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor are legally binding documents that protect sensitive information shared between the promoter and inventor in the state of Illinois. These agreements ensure that both parties maintain the confidentiality of proprietary knowledge during the course of their business relationship, safeguarding the inventor's intellectual property rights. Key elements typically included in an Illinois Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor may consist of: 1. Definition of Confidential Information: Clearly outline the scope of information considered confidential, encompassing trade secrets, business plans, financial data, marketing strategies, technical specifications, or any other proprietary information discussed or disclosed during their collaboration. 2. Purpose of Agreement: State the purpose of the confidentiality agreement, which is to protect the inventor's confidential information from being disclosed or misused by the promoter for any purpose unrelated to the collaboration. 3. Obligations and Non-Disclosure: Establish the promoter's obligation to maintain confidentiality and not disclose any confidential information to third parties without the inventor's prior written consent. Emphasize that this duty extends beyond the termination of the agreement. 4. Limitations on Use: Specify that the promoter shall only use the confidential information for the purpose of evaluating the collaboration opportunity or performing their duties as agreed upon. Prohibit the promoter from exploiting the information for personal gain or competitive advantage. 5. Exclusions: Clearly state that the agreement does not protect information already in the public domain, known to the promoter prior to disclosure, or obtained independently without breaching any previous confidentiality obligations. 6. Duration and Termination: Set a specific duration during which the confidentiality obligations will be in effect. Additionally, outline circumstances that may trigger the termination of the agreement, such as completion of the collaboration, mutual agreement, or legal requirement. 7. Remedies for Breach: Describe the potential remedies for a breach of the agreement, including injunctive relief, monetary damages, or any other suitable remedy according to Illinois law. It's important to note that while the general structure and content remain similar, there may be slight variations based on the specific circumstances and needs of the parties involved. Other types of Illinois Secrecy, Nondisclosure, and Confidentiality Agreements — Promoter to Inventor may include variations based on industry-specific regulations, duration of the collaboration, or whether the agreement covers one specific project or multiple engagements.