Business & Commercial Law FAQ - Approached by another company prior to your product release?
Date: March 03, 2011
Q. My company is a software developer and recently we have developed a system which revolutionises the way in which business is transacted in the market segment our program services. We have been approached by another company who has been made aware of what we are doing prior to its release. What should we do in the circumstances and are you able to assist us?
A. Yes. In all such circumstances if you wish to enter into a dialogue with any other party involving your software it is essential that you first of all execute a confidentiality agreement with this company. Even before you do this it is absolutely essential that you make sure all of your intellectual property is protected. Provided this has been done it may be advantageous to have your lawyer attend any meetings of which the parties will be present to ensure that you are protected and adopt an effective negotiating strategy to maximise your return.
