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in reply to Intellectual Property
Personally, I have never tried to make money off my ideas or my code. Of course it is nice to be recognized, get bonuses, etc (hubris). I have also signed many contracts in the past that similar to the one you describe. I have always ensured that the contract is restrictive to ideas relating to the job at hand, or on company time/money/equipment, or that I will not use ideas in competition with company X. I work in government contracting, and amazingly my most recent employer didn't have such a clause. I believe it is a "big business" way of saving their hide. Make sure you are protected and let the company worry about themselves. Your mind isn't a caged animal - set it free.
Limbic~Region
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