I have been in an agreement with 1 other business partner who has basically screwed me over. After months of developing a product he's decided to take over and push me out. I didn't like the way he handled it and I said that if he wanted to pursue this route that I would look at exiting. My first question is, until I formally state they have exit can he use this comment as saying that I want to exit? I signed a contract that stated that the intellectual property belongs to the company that he created. To put quite simply, he has pushed me out and I am left with lost time and effort. What can I do?
Did he give you any reason for the change?
Yes, what's in your agreement is very important.
For sure, I'd send him/her a bill for the work you've done.
And write a Lesson's Learned report on the whole issue.
One of the important lesson's I learned from such a situation early on in my career, was to create my own agreement and have a lawyer look at it for it's legal issues (to protect me).