Legal advice needed URGENTLY!

What you can do is explain to them that under that agreement, you will have to develop everything from scratch, and would be unable to use your existing extensive code already developed.

Ask them if they would like to save lots of money and time by licensing your existing code as well.

They may say that they want everything developed exclusively for them, in which case you will have to maintain completely separate code bases between your own stuff and what you (re)implement for them, and document the separation very carefully in logs.

Or sell them your existing code for a price if you are willing.

You just cannot have a situation in which you think you are only licensing them your code, and they think they are getting exclusive ownership of it. This is a recipe for disaster, even without a written contract. You need to discuss these issues with them and agree on a common view.

 

Your reluctance to obtain even a modest amount of paid legal advice reflects how little value you put on your effort. Clearly they want ownership rights and while comintel's comments seem to have a great deal of sound thinking behind them you need more.

You are clueless as to contract law yet unwilling spend anything on becoming less clueless. Frankly, I'm freakin' clueless as to why anyone would view the world that way. There is a lot of "clueless" going on here but you are the only one at risk from it!!

 

paid legal advice doesn't mean it will be a good legal advice

 

Only those with enough skill at procurring good advice will get good advice. If you hire idiots you will get idiot advice. I would think that pretty obvious.

 

Paid advice is infinitely better advice than the free advice he is hoping for in this thread.

 

Better expectation at least regardless of the outcome.

 

So true!I`m not sure why even startin threads like that...same for the ''I want to open FX brokerage".You wanna open it?Go ahead and find someone experienced in the field.Why askin clueless down here...

 

I think it pays to ask here first, not for definitive advice, but to get a rough idea of some of the issues, and especially of non-legal aspects of the situation.

Then follow up with a lawyer if he, now better prepared to know what to ask, wants legal advice.

I do not think we should treat lawyers and accountants and doctors as high priests who have exclusive custody of all discussion touching on their respective fields.

Everyone already knows that only lawyers can give legal advice that can be relied on, and he knows that too.

 

I`d definitely withhold myself from takin any advices here.How do i know i wouldn`t take the wrong one?No,i don`t know.

 

Thank you very much for your replies....I do not think what is actually wrong with trying to talk something through with a knowledgeable friend before taking it further...



actually I will be doing this work REMOTELY - from my own premises - my own office - so all their data will be transferred to me - and at the same time I will be developing the project of mine - They also the following two clauses::


7. Indemnification. Company shall indemnify and hold harmless the Consultant from and against any and all losses, damages, liabilities, reasonable attorney fees, court costs and any ongoing expenses resulting from or in connection with this Agreement, or any act or omission of the Company.


and:


4. Confidentiality. "Confidential Information" shall mean any non-public information, tangible or non-tangible, relating to the Company, whether or not technical in nature, including, without limitation, any information that is designated by the Company as Confidential Information at the time of its disclosure. Confidential Information shall include, but not be limited to, any information, plans, ideas, know-how, data, analysis, financial and business information, notes, compilations, studies, documents or other information, whether in writing or not, relating to the Company, including, but not limited to, financial, commercial or business data, technologies, know how, developments, ideas, business and marketing plans, customer lists, price policies, development data of new products, market surveys, suppliers customers and any other information otherwise related to the Company, its products, its services including any document, formula, item, specifications, recording, drawings, samples, computer disc or tape which shall come into Consultant’s knowledge and/or possession.