3 Contracts that Protect Your Proprietary Information

3 contracts picIf your business owns intangible assets that should be protected, it is imperative that you contact us as soon as possible to discuss your options. The type of intangible asset that you want to safeguard could include an idea, computer code, customer list, or other types of similar assets. Failure to protect this kind of data could lead to expensive litigation in the future.

There are a variety of ways to protect intangible assets. Below are three types of written agreements that can protect your proprietary information:

  1. Intellectual property (IP). Most business owners understand that a new invention should be protected by a patent, but there are other types of assets that you can protect. For example, a trademark can be used to safeguard the source of the goods or services your entity provides. To learn more about trademarks, please read our blog titled “Establishing Rights in a Trademark.” Additionally, a copyright can protect any creative works. Don’t make the mistake of thinking you can’t protect an important intangible asset. Contact us to determine the available tools for protecting your IP.
  2. Non-Disclosure agreements (NDA). Any employee, independent contractor or vendor that has access to your business’s private data should be required to sign a NDA. This type of contract can restrict when and how your confidential information is shared. It can also provide your entity with legal remedies if the NDA is breached.
  3. Non-Solicitation agreement. A non-solicitation agreement prevents your employees from soliciting your business’s customers and clients for a certain amount of time after they depart your employment. This type of contract can also provide that your company is and remains the owner of any IP developed by the individual while working for you.

As a practical matter, all employees should be required to password protect their company computers and other devices. These passwords should be updated routinely. You should also consider limiting access to your entity’s sensitive information to only those personnel that require access in order to properly perform their job. Finally, make sure your business backs-up its digital data routinely.

If you are interested in learning more about protecting your proprietary information or how we can assist you with your business-related needs, contact the knowledgeable lawyers at The Swenson Law Firm to schedule an appointment.

 

 

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