It’s quite natural that inventors have doubt that if I give idea to someone what will happen to my idea?
The vision and development of the invention is accomplished with the help of others. Sooner or later, the inventors need to collaborate with a manufacturer or distributor.
Creative ways to actively protect your idea before applying for a research and development.
Few use these legal logic's to protect your product idea
i) Non-disclosure agreement (NDA):
An NDA can be a mutual agreement between two parties not to share information with third parties or can be one-way . This agreement is preferred as it doesn't have an expiration date. It is a legal agreement between you and another party not to disclose idea you have shared for a specific purpose. It can be done in two methods as follow: One-way It is one-way NDA i.e. when only one business is sharing information and the other agrees to keep it confidential. Two-way It is two-way NDA (also called a mutual NDA) i.e. when both businesses are sharing confidential information with each other and want to be sure that neither will disclose their trade secrets.
ii) Non-compete agreement:
A non-compete agreement is a contract between two parties in which one agrees not to enter into competition with another during or after development of product. This contract prevents the entity / individual who belongs to the product development, from starting a business which would compete or threaten within an established radius.