One of the most important documents that an individual or company can have in their business toolkit is a non-disclosure agreement (NDA). NDAs can be used with third parties or employees to keep proprietary information safe and sound. An NDA is a legally binding document that requires the parties who signed the contract to not disclose anything that was discussed or worked on that is covered by the agreement.
NDAs are often used by companies and individuals to protect confidential information or trade secret information. Inventors can use them to keep their invention ideas confidential if their patent application has not yet been published, or a company use an NDA to keep workers and contractors from using or disclosing proprietary company secrets.
Businesses are successful because they have a competitive advantage over their competitors. Their product might be superior due to proprietary technology, or a secret process for making the product, and if that information got out to their competitors, the company would lose their edge in the market place. NDAs are a great tool for protecting businesses from exposure. NDAs provide protection by clearly identifying the parties to the agreement, the terms of the agreement, and the confidential information that is not to be disclosed to anyone else.
Additionally, the agreement can specify how long that information contained in the NDA is to be kept confidential. Once an NDA is prepared, it is not very difficult to use the NDA as a template agreement – changing out the names or other terms as needed. If a party violates an NDA agreement, the other party has legal recourse by which to obtain damages for their losses associated with the breach of the NDA agreement. In some cases, it might be enough to simply request that the court
If a party violates an NDA agreement, the other party has legal recourse by which to obtain damages for their losses associated with the breach of the NDA agreement. In some cases, it might be enough to simply request that the court grant an injunction or order prohibiting the party who is in breach to cease their actions that are in breach of the NDA.
If you have any questions about or need assistance preparing a non-disclosure agreement, please contact Parsons & Goltry online, or by calling 480-991-3435. Our attorneys are prepared to assist you today.
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Phone: (480) 991-3435
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