Every day, entrepreneurs in Louisiana and elsewhere conduct research, make prototypes and place their new inventions in the marketplace. In some cases, these inventions can lead to lucrative contracts with other businesses who want to purchase or license them. However, the inventor should first take certain steps to protect their idea and prevent the theft or copying of their idea or invention.
A nondisclosure agreement, which is commonly referred to as a confidentiality agreement, can serve an inventor in many ways and provide many benefits. In some cases, an invention is not patentable. A patent could provide a significant amount of protection; however, if an invention cannot be patented, it is important to have potential customers sign a nondisclosure agreement.