Nondisclosure agreements, also called NDAs or confidentiality agreements, can protect your business’s non-public information, such as trade secrets, patents, designs, client lists, and marketing research. An NDA is a legally binding contract between parties who agree to keep certain information confidential. The information may be shared during the course of employment or during a business transaction or interview. When someone who has agreed to protect secret information violates the NDA, the other party may sue for injunctive relief to stop the release of information and recover damages-possibly including lost profits. The following are some of the components a well drafted NDA includes:
- Confidential information protected and excluded
- Obligations of receiving party
- Consequences of breach
- Length of agreement
- Method of dispute
Whether you have an innovative business plan, a secret recipe, or a great invention, confidentiality may be the key to your business’s success. In the course of doing business, it’s inevitable that you’ll have to share this confidential information with employees, colleagues, investors, etc. You must take proactive steps to protect your confidential information. It is advisable to let an attorney prepare an agreement protecting your business information now to save a legal headache and potential loss of business later.
If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have confidentiality agreements related questions, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. Remember, as a member of the General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.
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