Intellectual Property Terms in Employment Contract

Intellectual property refers to creations of the mind, such as inventions, designs, utility models, industrial designs, and trade secrets. As technology advances, the value and importance of Intellectual Property (IP) becomes more and more important to a business. It is at times the most valuable asset in a business. It is therefore crucial for employers to include Intellectual Property terms in an employment agreement.

IP terms help to ensure that any intellectual property law developed or created by an employee during their employment period belongs to the employer and not the individual employee. 

What are Intellectual Property (IP) terms

IP provisions safeguard a company’s valuable assets and prevent employees from claiming ownership over inventions, designs, or other IP assets that they develop using the company’s resources while working for the company. The following are various examples of how effective it is to have IP terms covered in an employment agreement.

a) Ensuring company’s competitive advantage. IP is considered to be a significant driver of a company’s competitive advantage. Covering the IP terms in an employment agreement further enables employers to ensure that any innovations, utility models, industrial designs and trade secrets…etc.., developed by employees remains confidential. This helps to prevent employees from sharing or misusing company-specific knowledge, which could otherwise be used by competitors to gain an edge in the market.

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