Noncompetition agreements have been a favorite way to prevent workers from stealing your intellectual property and competing against you. Yet now the Federal Trade Commission (FTC) is banning most noncompete agreements because they are anti-competition.
As ridiculous as that may seem, no court has yet struck down the FTC’s new rule.
So, where does that leave you as a business owner?
Fortunately, there are ways to protect your intellectual property in your employment contracts and independent contractor agreements. For example, confidentiality/nondisclosure provisions plus non-solicitation and anti-poaching clauses.
Now if you haven’t had your business contracts professionally reviewed in a while, it’s time to get them updated to reflect current business law to address issues like intellectual property protection, artificial intelligence (AI) use, etc.
Need help? You probably ought to schedule a phone consultation with Business Lawyer Mike Young.
