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The importance of a confidentiality agreement, also known as a proprietary information and inventions agreement, for employees and consultants is highlighted in this tutorial. It is crucial for every company to have this agreement in place from the beginning to protect their intellectual property. Without it, the company can face challenges in M&A discussions and potential legal issues if individuals involved in inventing technology have not signed the agreement. It is essential for every employee and consultant to sign this agreement to ensure the company's proprietary information is protected.