Confidentiality Agreements (NDA’s)
Confidential information is a vital asset of any business.
As such, Confidentiality Agreements, also known as Non-Disclosure Agreements (NDA’s), are becoming increasingly popular. It is essential for the protection of your business, that you have the appropriate agreement in place to reflect and protect your business needs.
There are countless, cheap legal document templates on online these days. They are often merely a simple framework and whilst arguably better than nothing, it is the detail (tailored to protect your company) that needs to be correct. The nature of the confidential information needs to be clearly defined and its permitted use precisely set out. This is a vital aspect of Confidentiality Agreements. Therefore it is important to speak to a solicitor as a template you obtain online is unlikely to be comprehensive enough to protect your business. You should also bear in mind that these agreement are relatively inexpensive to prepare but the cost of not having one can be catastrophic.
What are Confidentiality Agreements used for?
They typically allow you to disclose confidential information for a specific purpose to a third party such as your customers, suppliers or any other persons/organisation you may be considering entering into a joint venture with. In order to protect this confidential information, a Confidentiality Agreement is signed which confirms that the third party must not disclose this information to another party or use the information other than for the agreed specific purpose.
What do Confidentiality Agreements protect?
- • Sales and marketing information;
- • Protect trade secrets;
- • Designs and drawings;
- • Consumer data;
- • Employment contract restricting employees from disclosing confidential information to competitors.
Freeman Jones commercial solicitors can advise you on one way Confidentiality Agreements where you share information to a third party and they agree to not disclose the same.
We also provide comprehensive advice and produce two way Confidentiality Agreements, where both businesses are sharing confidential information with each other and both ensure that neither will disclose their trade secrets or protected information.
If you require a more bespoke Confidentiality Agreement during disposals, company acquisitions or company mergers, our expert commercial solicitors can also assist you with those requirements.
Call us now to arrange a free 30 minute no obligation consultation with one of our commercial lawyers to discuss any of the above matters further.