Non disclosure agreements, confidentiality agreements, or NDA, for short can be invaluable to an entrepreneur. If you plan to share proprietary information with another company or person then you’re going to want an NDA in place. Most people think, hey it’s a given- don’t talk about what you know is “top secret.” But I can assure you, that is not how it works. And if it did, I wouldn’t have a job.
So what exactly is an NDA?
Simple. It is a contact that details and outlines exactly what “top secret” information will be shared. And then each side agrees in writing, not to share that information with any parties outside of that agreement. Employers often require employees to sign variations of these types of agreements, particularly in instances where the employee will have access to privileged and confidential information.
The specific language will vary based on who you are, what you do, and what you want to protect. But the general sentiment is the same among all agreements. During the collaboration and after it ends, neither side will share any secret information with anyone else. If they do, there will be ramifications. Your NDA might include what remedies are available to the injured party. And of course, you will always have the right to sue the other party should their disclosure cause you any type of harm. That does not need to be written into the agreement.
If you do a quick google search for an NDA you will find a basic definition, and quite a few free examples. You can even hop on over to Wikipedia for a pretty in depth explanation of an NDA and what clauses are usually included. However, be warned, these are legal documents and it is always a good idea to have an attorney draft it up, or at the very least review the one you have. If the information is worth protecting, the agreement needs to be clear, detailed, and include all the necessary clauses that a non attorney may not be aware of.
Do you have questions about non disclosure agreements and whether you need one or not? Feel free to reach out through my website or via email at email@example.com, can’t wait to hear from you!