Company Property Agreement Sample
When it comes to establishing a business, one of the first things you need to consider is how to protect your company`s property. This includes everything from the physical assets like equipment and office space to intangible assets like intellectual property and confidential information. To ensure that your company`s assets are safeguarded, it`s essential to have a company property agreement in place.
A company property agreement is a legal document that outlines the terms and conditions for the use of company property. This includes everything from computers and office furniture to intellectual property like trademarks and patents. The agreement is meant to protect the company`s interests by ensuring that property is used only for company purposes and that employees understand the consequences of misusing company property.
Here`s a sample company property agreement that you can use as a reference:
Introduction:
This agreement is made between [Company name], hereafter referred to as “the Company,” and [Employee name], hereafter referred to as “the Employee,” for the use of company property.
1. Company Property:
The Company will provide the Employee with company property, including but not limited to computers, phones, equipment, office furniture and intellectual property. The Employee agrees to use these items only for company purposes and not for personal use.
2. Ownership:
The Company retains ownership of all company property provided to the Employee. The Employee acknowledges that they have no ownership rights over any company property.
3. Care and Maintenance:
The Employee agrees to take good care of all company property in their possession and to promptly report any damage or needed repairs to the Company. The Employee may not modify or alter any company property without the Company`s prior written consent.
4. Return of Company Property:
Upon termination of employment, the Employee agrees to return all company property in their possession promptly. This includes any company information stored on personal devices.
5. Confidentiality:
The Employee agrees to maintain the confidentiality of all company property. This includes intellectual property, trade secrets, confidential information, or any proprietary information about the business or its clients. The Employee may not use or disclose any confidential information except as required in the course of their employment.
6. Consequences of Misuse:
The Employee acknowledges that any misuse or unauthorized use of company property will result in disciplinary action, up to and including termination of employment. If any company property is lost or damaged due to the Employee`s negligence or misconduct, the Employee may be held liable for any associated costs.
Conclusion:
By signing this agreement, the Employee acknowledges that they have read and understood the terms and conditions for the use of company property. The Employee agrees to abide by all the terms and conditions set forth in this document.
In conclusion, having a company property agreement in place is critical to ensure that your company`s assets are protected. By outlining the terms and conditions for the use of company property, you can avoid any potential disputes or misunderstandings between the company and its employees. Use the sample company property agreement provided above as a guide to drafting your own agreement that best suits your company`s needs.