When time is of the essence and work needs to be executed, we often forego formalities and hop right into execution. Hiring a contractor or friend to help you with the work.

This was the case with my friend Pat (name changed) who paid a friend to build a proprietary software product for her company. A lot of problems came up in the process and the relationship was terminated. Pat wanted the IP to finish the product but there was no formal agreement in place and Pat did not own the IP.

Long story short, the relationship went south and it ended up in litigation. The end result was an additional 7 figure payout to obtain the rights to the code so the company could finish & release the product. A very costly encounter for Pat that would have been circumvented with a written agreement.

Today we discuss:

• Why your IP needs to be protected before you hire

Challenge today?

• Is your IP protected

• Freelancing platform 

Why is this important to the company?

• Becomes a problem when…

• Changing the terms of the agreement (product development)

Rick’s Nuggets

• Employment/ Co-Founder Agreements 

• You don't own and may have a non exclusive right to the IP

How do we solve the problem? 

• Get this in place BEFORE you pay anyone!!!
  

• Work for hire

• Indicate that their role is either an employee or an independent contractor

• Whether they are an employee or an independent contractor, make sure to include a clause indicating that they have a duty to assign any materials, work product, patents, trademarks, copyrights, and so forth that they created. If they are an employee this includes any work product created during their employment and using any information or assets of the company. If they are an independent contractor, this includes any work product and intellectual property created while the independent contractor is working on the project.
  

• To the extent that the employee or contractor maintains any rights to the intellectual property or other works, they give the business an exclusive license to the IP/works free of charge 

Rick’s Nuggets

• Expectation Alignment 

Key Takeaways that the Audience can plug into their business today!  -Value:

• Get agreements in place

Guest Links:

LinkedIn: https://www.linkedin.com/in/millerip/

Company: https://milleripl.com/

LinkedIn: https://www.linkedin.com/company/miller-ip-law/

Host Links: 

LinkedIn: https://www.linkedin.com/in/rick-girard-07722/

Company: https://www.stridesearch.com/

Podcast: https://www.hirepowerradio.com

Authored:  "Healing Career Wounds"  https://amzn.to/3tGbtre

HireOS inquiry: [email protected]

Show Sponsor:

Criteria Corp: https://www.criteriacorp.com/