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.