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The text discusses the importance of having a proprietary information and inventions agreement for employees and consultants in every company. This agreement should be in place when the company is formed, and all individuals working with the company should sign it. Failure to have this agreement in place can lead to complications during M&A discussions and potential legal issues, especially if individuals were involved in inventing technology. It is crucial for companies to prioritize getting all necessary signatures in a timely manner to protect their intellectual property.