Protect Your Business with Non-Disclosure Agreements
Every business should protect proprietary information when dealing with independent contractors, vendors, and other businesses. The best way to do this is with a non-disclosure agreement, often referred to as an NDA.
What is an NDA?
An NDA is an agreement between two parties to protect confidential information disclosed in a business transaction. Proprietary information can include business methods, finances, client lists, and anything that isn’t readily available in the public arena. If the NDA is breached, the injured party can sue for damages, an injunction against further disclosure, and attorney’s fees.
Directional NDA: In many situations, only one party requires the protection provided by an NDA. If you invent a new product, you are going to need an NDA from manufacturers, distributors, etc., before you discuss the product with them. While this may seem like common sense, most businesses fail to get this important document in place.
For instance, many businesses hire independent contractors, but they rarely have these individuals sign NDAs prior to disclosing important business information to them. Do you use a third party to create or maintain your websites? Did you obtain NDAs from any of them? If not, what’s to keep that party from using your business methods on other sites? A directional NDA can protect you against this.
Mutual NDA: As the name suggests, a mutual NDA protects the confidential information of both parties. A mutual NDA is typically used when two businesses are negotiating a joint venture. Each party must disclose enough information to make negotiations viable, but neither wants that information made public if negotiations fail. If negotiations go well, additional non-disclosure information will be incorporated into the joint venture agreement to protect additional information revealed during the partnership.
Refusal to sign an NDA
Alarms and warning lights should go off if a party refuses to sign your NDA. Unless they can provide a very compelling reason for the refusal, you should walk away from the business relationship.
When an NDA isn’t really an NDA
Just because a document is titled “Non-Disclosure Agreement” doesn’t mean it provides you with protection. You should always carefully read the language of an NDA because the document may establish that you are waiving all confidentiality rights. The best strategy is to have all documents reviewed by your lawyer before signing.
Obtaining non-disclosure agreements should be a standard practice for your business. Don’t expose your proprietary business secrets to others without this protection.
Need more help with non-disclosure agreements? Pamela Finnesand, The Business Maximizer can assist you! Schedule your complimentary Business Breakthrough Strategy Session today.
351005 189192The planet are truly secret by having temperate garden which are generally beautiful, rrncluding a jungle that is surely definitely profligate featuring so several systems by way of example the game courses, golf process and in addition private pools. Hotel reviews 150365
background jazz
35213 895432Billiard is actually a game which is mostly played by the high class folks 806515
306043 6744Heya just wanted to give you a brief heads up and let you know a few with the pictures arent loading properly. Im not certain why but I believe its a linking concern. Ive tried it in two different web browsers and both show the same outcomes. 431678
250061 506535This internet web page is genuinely a walk-through for all of the information you wanted about this and didnt know who to ask. Glimpse here, and youll surely discover it. 719332
802676 579376hello I was really impressed with the setup you used with this weblog. I use blogs my self so congrats. definatly adding to favorites. 412143
782734 900372I truly treasure your piece of function, Great post. CHECK ME OUT BY CLICKING MY NAME!!! 639494
533948 218904HURRAY! cant balladeer. by virtue of himself by what name highly. 99282
854562 691071I like this blog really considerably so much very good information . 938449
77175 150581 Nice post. I learn something a lot more challenging on different blogs everyday. It will always be stimulating to read content material from other writers and practice a bit something from their store. Id prefer to use some with the content on my weblog whether you dont mind. Natually Ill give you a link on your internet weblog. Thanks for sharing. 478400
887567 216036I genuinely like your writing style, very good info , thankyou for putting up : D. 484755
792960 574824As I internet site possessor I believe the content material here is actually superb , appreciate it for your efforts. 144784
957381 744665Thank you for the sensible critique. Me and my neighbor were just preparing to do some research about this. We got a grab a book from our local library but I feel I learned much more from this post. Im quite glad to see such wonderful info being shared freely out there. 715661