We were approached by a company with an "idea" who wants to bring us on for services we offer. However we already have a current arrangement (and an NDA signed 1.5+ years ago) with another company where we're "partners" and own a percentage in an idea, after signing the 2nd NDA (where we were filled on the specifics of the "idea") we realized the concepts are virtually identical in 75% of the ways.
1-Would we be vulnerable to being sued in any way if we went on board and did the services requested for this new company, and owned a percentage in the new one?
2-Since we were approached by the other company how does that work? Are future ideas that may have been generated off past experiences and knowledge interfering with the NDA?
3-We had signed an NDA (and had discussed signing a partnership agreement, whether or not it was filed I do not recall), however i'm not sure what legal areas overlap between "non disclosure" vs. "non compete", what recourse do we? How can we protect ourselves, even if it means breaking ties (civilly), with the first company's "idea"
4- Is there a standard expiration date for non-competes?
1-Would we be vulnerable to being sued in any way if we went on board and did the services requested for this new company, and owned a percentage in the new one?
2-Since we were approached by the other company how does that work? Are future ideas that may have been generated off past experiences and knowledge interfering with the NDA?
3-We had signed an NDA (and had discussed signing a partnership agreement, whether or not it was filed I do not recall), however i'm not sure what legal areas overlap between "non disclosure" vs. "non compete", what recourse do we? How can we protect ourselves, even if it means breaking ties (civilly), with the first company's "idea"
4- Is there a standard expiration date for non-competes?
