I received a job offer from a company with following clauses
We expect that you will not engage in or do any business or render any professional service outside the company either on full time or part time basis.
You will not take up any other work for remuneration (part-time or otherwise) or work in advisory capacity or be interested directly or indirectly in any other trade or business during the employment with the company without permission in writing from the Chairman/Managing director of the company.
Currently, I'm trying to build a product in my free time. I have no plan to sell or generate money from this product in near future. This is because I don't have an idea how the product will evolve. The product is still in ideation stage. It is even possible that I might even drop the idea all together. But , at this moment very much interested in building this product.
The question I have now is, my interest in building above product breaks the above mentioned clauses in the offer letter? Do I need to disclose this to the company? What might happen if don't disclose this before signing the offer?
Thanks all for the responses. I talked with the hr. HR told me as long as their is no conflict of interest with current role & NDA that I sign with us is upheld, I can continue working on my project.