Technological innovations are far too precious to not take adequate precautionary measures to insure its security. There are far too many predatory individuals who are constantly looking at stealing inventions and/or their intrinsic value, as you cannot rely upon a mere promise and a handshake.
CERTAIN RISKS *
Ä Far too many inventors rely upon generic non-disclosure agreements that fail to account for the specificity of their invention and the business relationship that is susceptible to exposure. This failure to address specificity creates significant vulnerability, which is very dangerous when dealing with deceptive individuals who are exceedingly cunning in their appearances.
Extending its Grasp.
Ä Non-disclosure agreements can not be limited to the immediate individuals, but must extend to third parties that are brought in to support and further the project. The objective should be the attainment of a direct non-disclosure agreement from each such party and making it a prerequisite for further dissemination of the technology.
Ä Injunctions need to be immediate and enforceable, otherwise you risk the loss or dilution of your technological advantage while attempting to secure court intervention.
Ä Money talks and when an individual is subject to a clear monetary penalty they will be even more careful when dealing with your technological innovations. The fear of being dragged into court and having a definitive financial penalty being immediately assessed will dissuade most people from entering that ‘gray area’ of questionable activities or being lax in their information control procedures.
* The preceding list(s) of risks is not meant to be exhaustive, to the contrary, it is meant to illustrate a few of the many dangers that can arise when a business fails to retain the legal services of an appropriate lawyer.
Christopher R. Neufeld is an attorney admitted to practice in both the State of New York (U.S.A.) and the Province of Ontario (Canada), representing computer / information technology businesses in the United States and Canada. Court admissions include: Law Society of Upper Canada (Ontario), U.S. Court of International Trade, U.S. Tax Court, U.S. Court of Claims, U.S. Court of Appeals: Federal Circuit, U.S. District Court: Southern & Eastern Districts of New York and New York State Court. The law firm is located in the western Greater Toronto Area (GTA), with law offices in Burlington and downtown Toronto, and in immediate proximity to Mississauga, Oakville, Hamilton, Brampton, Milton, Guelph and Kitchener Waterloo. COPYRIGHT 2008/10.