What is a non-disclosure agreement?

Proper protection of confidential information is key in the world of business. That’s where non-disclosure agreements (NDA) come in. These agreements prevent essential information from being dispersed to others, which may result in stolen ideas and loss of money. Forbes explains what goes into making a binding NDA to ensure you and your business remain protected.

When to use an NDA

There are a number of situations when you might need to share confidential information with others. If you’re in need of professional service of some kind, receiving this service might involve the release of sensitive information. You may also need to present your business or product to investors, which would entail making certain things known. If you’re hiring new employees, it’s natural that they would be privy to confidential information during the course of their employment. These are all instances where using an NDA might make sense.

Important elements

Comprehensive NDAs need to contain certain essential elements. The term or length of the agreement is crucial, especially when it involves employees. You also want to ensure that all parties are properly identified and that confidential information is properly defined. Exclusions should also be explicitly stated to prevent any confusion among signees. The scope of the agreement, meaning the steps taken to keep info concealed and statements that information can’t be used by the agreeing party, must also be spelled out.

Other things to consider

You might want to include additional clauses along with the above. Naming the jurisdiction where the dispute will be handled prevents you from being summoned to a distant court. You can also request an injunction, which would allow you to command that the other party cease and desist using confidential information until the matter has been decided. Your attorney can explain additional clauses that would apply in your specific case.

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