NSW signed letter agreeing who owns IP from employer

[phil]

Hi, my employer would like me to head a new company that creates tech IP. They acknowledge I have IP of my own I may be able to add to the portfolio for an agreed equity value.

My old employment contract is very broad regarding IP and I've raised the issue with them. The CEO of the organisation is happy to sign an agreement that says they won't claim my existing IP (scope which we've agreed) as their property, rather negotiate its value into the new company so we can go forward.

What should I draft? This is in good faith, but we're happy to part ways if we can't make it work. I had a stab but IANAL..

"X group (owners of company Y) acknowledges no claim of ownership of technology Z associated with or owned by [me]. Both parties intend to enter negotiations in good faith as to a possible partnership deal under a new company which may include such technology in its portfolio. Any such discussions will take into consideration the agreed value of the technology under standard commercial practices."

thanks

 

[Rob Legat - SBPL]

You should be going to a lawyer to get this done properly and professionally. It's beyond the scope of what you can reasonably expect to receive here.

 

[Rod]

Looks more like mutilation rather than a stab.

See Rob's post.