A proprietary information and inventions agreement (PIIA) is a legal document that is often used by North Carolina companies to protect their confidential and proprietary information, as well as inventions or intellectual property developed by employees or contractors during their employment or engagement with the company.
A PIIA typically includes provisions that require employees or contractors to keep all confidential information and trade secrets of the company confidential, both during and after their employment or engagement. It may also include provisions that require the disclosure of any inventions or intellectual property developed by the employee or contractor during their employment or engagement, and assign ownership of such inventions or intellectual property to the company.
The agreement may also outline the circumstances under which the employee or contractor can use or disclose the confidential information or intellectual property, such as with the written consent of the company or as required by law.
By requiring employees or contractors to sign a PIIA, a North Carolina company can help protect its valuable confidential information and intellectual property and prevent employees or contractors from using or disclosing such information for personal gain or competitive advantage.
It’s important to note that the use of a PIIA should be carefully considered and should only be used after consulting with a corporate attorney to ensure that it complies with all legal requirements and protects the interests of the company.