Without such an agreement, it may be difficult or impossible to protect shared information. Before entering into a joint venture or similar arrangement, the parties should negotiate and sign a detailed agreement addressing ownership and protection of confidential information. The joint venture agreement should address ownership and protection of each type of information, both during and after the joint venture. Confidentiality agreements are the best forms of proof of these elements. Be careful and consistent with unsolicited submissions.
Companies often receive unsolicited suggestions, inventions, ideas and similar items from others.
To avoid claims that unsolicited information was stolen or that a confidentiality obligation was breached, your company should formulate procedures to handle unsolicited disclosures. The McGuireWoods homepage is intended to provide information of general interest to the public and is not intended to offer legal advice about specific situations or problems. McGuireWoods does not intend to create an attorney-client relationship by offering this information, and anyone's review of the information shall not be deemed to create such a relationship. You should consult a lawyer if you have legal matter requiring attention. For further information, please contact a McGuireWoods lawyer.