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Invention Agreement

This Invention Agreement template is designed for Southern African businesses to protect their intellectual property. It is used to establish the ownership of inventions created by employees during their employment.

Updated 15d ago
invention agreementintellectual propertyemployee contractNDAconfidentialitySouthern Africa

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

INVENTION AGREEMENT

This Invention Agreement ("Agreement") is made and entered into as of {{date}}, by and between {{company_name}} (hereinafter referred to as "Company"), a company duly incorporated under the laws of {{country}}, with its principal place of business located at {{company_address}}, and {{employee_name}} (hereinafter referred to as "Employee"), residing at {{employee_address}}.

1. Purpose of Agreement

This Agreement sets forth the terms and conditions governing the ownership and use of inventions, discoveries, improvements, and intellectual property developed by the Employee during the course of their employment with the Company.

2. Disclosure of Inventions

Employee agrees to promptly disclose in writing to the Company all inventions, discoveries, improvements, and original works developed, conceived, or reduced to practice by the Employee, either solely or jointly with others, during the term of employment and for a period of {{post_employment_period}} thereafter, which relate to the Company's business, research, or development activities.

3. Assignment of Inventions

Employee hereby assigns to the Company all right, title, and interest in and to all such inventions, discoveries, improvements, and intellectual property. Employee agrees to execute any and all instruments and documents, including patent applications, assignments, and other papers, as may be reasonably requested by the Company to vest in the Company full title to such inventions, discoveries, improvements, and intellectual property.

4. Confidentiality

Employee agrees to maintain in strictest confidence all confidential information, trade secrets, and proprietary information of the Company, including but not limited to, information relating to inventions, research, development, products, marketing, and business plans. This obligation shall survive the termination of employment.

5. Prior Inventions

Employee has attached hereto as Exhibit A, a list of all inventions, discoveries, improvements, and original works belonging to the Employee which were made prior to the commencement of employment with the Company. Employee warrants that no other inventions, discoveries, improvements, or original works exist that might give rise to a conflict of interest with this Agreement.

6. Return of Company Property

Upon termination of employment for any reason, Employee agrees to immediately return to the Company all Company property, including but not limited to, documents, data, materials, and any copies thereof, whether tangible or intangible, which contain or embody confidential information or inventions of the Company.

7. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of {{country}}, without regard to its conflict of laws principles.

Signature Block

IN WITNESS WHEREOF, the parties have executed this Invention Agreement as of the date first above written.

_____________________________

{{company_name}}

By: {{authorised_signatory_name}}

Title: {{authorised_signatory_title}}

_____________________________

{{employee_name}}

ID Number: {{employee_id_number}}

Date: {{date}}

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