Developing a similar product with current employer products

[ali_mos]

What is the name of your state (only U.S. law)? Texas
I am working for an oil tools company and at the same time have been developing a product after my working hours . While I am employed, I plan to commercialize and sell it to other non-related (to my current employer)industries if it becomes successful.
I have signed a confidentiality agreement that restricts me to disclose any design idea or invention if it's related to my current and planned "employer business" even if I worked on it after working hours and up to six months after my employment termination.
my company didn't have any similar product with the same functionality so I thought I wouldn't breach this agreement. Recently, I found out that my employer acquired another company which has a product with similar functionality to my product but with completely different design. This product is not the major player in my company's business and it's like a bolt and nut for a car company. My question is if I pursue my plan, will I breach this agreement? The main question is how broad is defined "business" in a confidentiality agreement? does it refer to the main products which produces major revenue or it includes every little product? I appreciate any advice.
Thanks

 

[Just Blue]

What is the name of your state (only U.S. law)? Texas
I am working for an oil tools company and at the same time have been developing a product after my working hours . While I am employed, I plan to commercialize and sell it to other non-related (to my current employer)industries if it becomes successful.
I have signed a confidentiality agreement that restricts me to disclose any design idea or invention if it's related to my current and planned "employer business" even if I worked on it after working hours and up to six months after my employment termination.
my company didn't have any similar product with the same functionality so I thought I wouldn't breach this agreement. Recently, I found out that my employer acquired another company which has a product with similar functionality to my product but with completely different design. This product is not the major player in my company's business and it's like a bolt and nut for a car company. My question is if I pursue my plan, will I breach this agreement? The main question is how broad is defined "business" in a confidentiality agreement? does it refer to the main products which produces major revenue or it includes every little product? I appreciate any advice.
Thanks

You should take the NCA to a Attorney to review. Really.

 

[OHRoadwarrior]

You should consult a lawyer. No one can answer that question based on a message forum.

 

[quincy]

What is the name of your state (only U.S. law)? Texas
I am working for an oil tools company and at the same time have been developing a product after my working hours . While I am employed, I plan to commercialize and sell it to other non-related (to my current employer)industries if it becomes successful.
I have signed a confidentiality agreement that restricts me to disclose any design idea or invention if it's related to my current and planned "employer business" even if I worked on it after working hours and up to six months after my employment termination.
my company didn't have any similar product with the same functionality so I thought I wouldn't breach this agreement. Recently, I found out that my employer acquired another company which has a product with similar functionality to my product but with completely different design. This product is not the major player in my company's business and it's like a bolt and nut for a car company. My question is if I pursue my plan, will I breach this agreement? The main question is how broad is defined "business" in a confidentiality agreement? does it refer to the main products which produces major revenue or it includes every little product? I appreciate any advice.
Thanks

Your questions cannot really be answered in a forum setting. The thing about any agreement is that it might have some provisions similar to others of the same ilk, but also have significant differences.

What is required, in other words, is a personal review of the confidentiality agreement you signed, along with an investigation into your current company and the newly-acquired company with its similar product.

Because violating a confidentiality agreement can lead to all sorts of bad things (a lawsuit, an injunction, a hefty award of damages - both actual losses and punitive), you would be well-served by having an attorney in your area take a look at all of the facts and see how the product you are developing plays into it all.

Good luck.