What is a Proprietary Information and Inventions Assignment Agreement?
A Proprietary Information and Inventions Assignment Agreement (PIIAA) is a contract between your startup and an employee or a consultant that outlines the expectations for both parties regarding the use and protection of confidential information, inventions and intellectual property (e.g. registered IP such as trademarks and patents, and unregistered IP such as copyrights, designs, concepts, know-how, websites, social media accounts and source code).
Why generate this document?
Generate this document to keep your IP safe. In the future, an assignor could claim that IP created while working for your startup belongs to them. A PIIAA outlines the obligation of the employee or consultant to protect the confidential information and inventions they create while employed or engaged. It also outlines their right to use and benefit from previous inventions (if any).
Clara recommends...
Taking the extra steps needed to transfer any registered IP to your startup, e.g. through an application to your local trademark authority.
Checking what’s needed from a local standpoint: get legal advice to understand any additional steps needed to transfer IP. This may vary depending on where your company is incorporated or where the assignor or assignee are based.