Kentucky 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. The Kentucky Secrecy, Nondisclosure and Confidentiality Agreement is a legal contract that establishes an agreement between a promoter and an inventor to protect the confidentiality of sensitive information and trade secrets shared during their business relationship. This agreement ensures that any proprietary information remains undisclosed to third parties, safeguarding the interests of both parties involved. In Kentucky, there are two types of Secrecy, Nondisclosure, and Confidentiality Agreements that are commonly used in the business industry: 1. Standard Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor: This version of the agreement encompasses the general terms and conditions to maintain the confidentiality of the inventor's intellectual property. It outlines the scope of confidential information, obligations of the parties involved, limitations on use and disclosure, and potential remedies in case of a breach. 2. Mutual Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor: This type of agreement is used when both the promoter and the inventor need to disclose confidential information to each other. It establishes a balanced approach to maintain secrecy and confidentiality between the parties. It contains provisions that protect the interests of both the promoter and the inventor and ensures that neither party misuses nor disseminates the confidential information. Key terms and components covered in the Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement include: 1. Definition of Confidential Information: This section clearly defines what constitutes confidential information, including but not limited to intellectual property, business strategies, trade secrets, customer information, financial data, product prototypes, and any other proprietary knowledge. 2. Non-Disclosure Obligations: The agreement establishes the promoter's duty to keep the confidential information private and restrict its disclosure to any unauthorized personnel. It includes provisions regarding the handling of confidential information, such as the use of protective measures, password protection, and limited access. 3. Exclusions from Confidentiality: The agreement may contain exceptions where certain information cannot be deemed confidential, such as information already publicly available or known to the recipient before disclosure. 4. Non-Compete Clause: In some cases, the agreement may also include a non-compete clause, which prevents the promoter from engaging in activities that directly compete with the inventor's business during and for a specified period after the agreement terminates. 5. Term and Termination: This section outlines the duration of the agreement, specifying the start date and the circumstances under which the agreement can be terminated, including breach of contract or expiration of the agreed-upon timeframe. 6. Remedies and Dispute Resolution: The agreement establishes the remedies available to the parties in case of a breach, such as injunctive relief, damages, or specific performance. It also provides a mechanism for resolving any potential disputes, usually through arbitration or mediation. It is crucial for both promoters and inventors to consult legal professionals experienced in intellectual property and contract law when drafting or entering into a Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement. This ensures that the agreement meets the specific requirements of the business relationship while effectively protecting the parties' proprietary information.

The Kentucky Secrecy, Nondisclosure and Confidentiality Agreement is a legal contract that establishes an agreement between a promoter and an inventor to protect the confidentiality of sensitive information and trade secrets shared during their business relationship. This agreement ensures that any proprietary information remains undisclosed to third parties, safeguarding the interests of both parties involved. In Kentucky, there are two types of Secrecy, Nondisclosure, and Confidentiality Agreements that are commonly used in the business industry: 1. Standard Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor: This version of the agreement encompasses the general terms and conditions to maintain the confidentiality of the inventor's intellectual property. It outlines the scope of confidential information, obligations of the parties involved, limitations on use and disclosure, and potential remedies in case of a breach. 2. Mutual Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement — Promoter to Inventor: This type of agreement is used when both the promoter and the inventor need to disclose confidential information to each other. It establishes a balanced approach to maintain secrecy and confidentiality between the parties. It contains provisions that protect the interests of both the promoter and the inventor and ensures that neither party misuses nor disseminates the confidential information. Key terms and components covered in the Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement include: 1. Definition of Confidential Information: This section clearly defines what constitutes confidential information, including but not limited to intellectual property, business strategies, trade secrets, customer information, financial data, product prototypes, and any other proprietary knowledge. 2. Non-Disclosure Obligations: The agreement establishes the promoter's duty to keep the confidential information private and restrict its disclosure to any unauthorized personnel. It includes provisions regarding the handling of confidential information, such as the use of protective measures, password protection, and limited access. 3. Exclusions from Confidentiality: The agreement may contain exceptions where certain information cannot be deemed confidential, such as information already publicly available or known to the recipient before disclosure. 4. Non-Compete Clause: In some cases, the agreement may also include a non-compete clause, which prevents the promoter from engaging in activities that directly compete with the inventor's business during and for a specified period after the agreement terminates. 5. Term and Termination: This section outlines the duration of the agreement, specifying the start date and the circumstances under which the agreement can be terminated, including breach of contract or expiration of the agreed-upon timeframe. 6. Remedies and Dispute Resolution: The agreement establishes the remedies available to the parties in case of a breach, such as injunctive relief, damages, or specific performance. It also provides a mechanism for resolving any potential disputes, usually through arbitration or mediation. It is crucial for both promoters and inventors to consult legal professionals experienced in intellectual property and contract law when drafting or entering into a Kentucky Secrecy, Nondisclosure, and Confidentiality Agreement. This ensures that the agreement meets the specific requirements of the business relationship while effectively protecting the parties' proprietary information.