When you run a business, it is critically important that you protect your business at every turn from possible threats to the success of your business. One of the biggest problems that business face is the risk of unauthorized disclosure of proprietary or secret information used by the business to gain a competitive advantage in the marketplace. Businesses need useful tools for safeguarding confidential and sensitive business information, and a non-disclosure agreement (NDA) is the solution.
NDAs are highly useful legally binding documents (i.e., contracts) that prevent the parties to the agreement from disclosing protected information without authorization. The NDA creates a confidential relationship between the parties to the agreement. Businesses often use NDAs to compel employees, business partners and third parties (e.g., vendors, suppliers, contractors, etc.) to secrecy concerning the protected information designated in the NDA.
NDAs are useful for protecting:
An NDA can be used to protect any type of information - there is practically no limit to what an NDA can be used for. NDAs generally expressly identify:
It is important to remember that NDAs are a legally binding contract, meaning you need to know exactly what you are getting into when you prepare or sign one. It never hurts to have an experienced business lawyer prepare an NDA for use in your business, or review any NDA that you are considering signing.
Keystone Scientific, Inc. is committed to helping connect clients with the right set of people who have the skills necessary to meet their project needs. Let us work with you to identify how we can help you achieve your project goals. Please feel free to reach out to our team by calling 814-205-3393 or contact us online.
NDAs are highly useful legally binding documents (i.e., contracts) that prevent the parties to the agreement from disclosing protected information without authorization. The NDA creates a confidential relationship between the parties to the agreement. Businesses often use NDAs to compel employees, business partners and third parties (e.g., vendors, suppliers, contractors, etc.) to secrecy concerning the protected information designated in the NDA.
NDAs are useful for protecting:
- Proprietary information and data.
- Trade secret information.
- Intellectual property.
- New product development, and strategy.
- Confidential or sensitive business information.
- Client or customer information.
An NDA can be used to protect any type of information - there is practically no limit to what an NDA can be used for. NDAs generally expressly identify:
- The parties who are meant to be bound by the confidentiality agreement,
- Precisely the information that must be kept in confidence,
- Any express exclusions of information from the agreement (i.e., what information is allowed to be disclosed), and
- The duration through which the agreement is binding.
It is important to remember that NDAs are a legally binding contract, meaning you need to know exactly what you are getting into when you prepare or sign one. It never hurts to have an experienced business lawyer prepare an NDA for use in your business, or review any NDA that you are considering signing.
Keystone Scientific, Inc. is committed to helping connect clients with the right set of people who have the skills necessary to meet their project needs. Let us work with you to identify how we can help you achieve your project goals. Please feel free to reach out to our team by calling 814-205-3393 or contact us online.
Written by Amber Stiles
The information contained in this blog is for informational and educational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. The information contained in this blog reflects the most current legal developments at the time it is written; accordingly, information contained in this blog is not promised or guaranteed to be correct or complete. Please consult with a lawyer if you have any questions or legal matters that need addressing.
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