Glossary

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PIIA (proprietary information and invention assignment)

A PIIA, or Proprietary Information and Invention Assignment Agreement, is a legal document in which an employee or contractor agrees to keep confidential and assign ownership rights of any intellectual property they create during their employment or engagement to their employer or client. It is commonly used by startups and other companies to protect their intellectual property and ensure that ...

Preemptive / Participation Rights

Preemptive rights and participation rights are provisions in shareholder agreements that allow existing shareholders to maintain their proportional ownership in a company by purchasing additional shares before they are offered to third parties. Preemptive rights give existing shareholders the right to purchase new shares before they are offered to third parties. This means that if a company wan...

Privacy Policy

A privacy policy is a legal document that informs users of a website, app, or service about how their personal information is collected, used, and shared. It outlines what types of personal data are collected, who has access to the data, how long it will be stored, and what measures are in place to protect it. In most jurisdictions, including the United States and the European Union, privacy po...

Protective Provisions / Veto Rights

Protective provisions, also known as veto rights, are contractual clauses that give a certain group of shareholders, often the preferred shareholders or a group of investors, the right to block certain actions or decisions of the company’s board of directors or management. The purpose of these provisions is to protect the interests of the investors by providing them with a degree of control over...