What is a Non-Disclosure Agreement or NDA?
A non-disclosure agreement is a contract to protect confidential or sensitive information during negotiations with investors, creditors, clients, or suppliers. NDAs can also be signed with individuals and employees. For example, a start-up may fear that their idea and plans could be stolen by potential business partners or investors. The NDA serves as written proof, the parties will keep the sensitive information confidential and protected.
Protect your business with non-disclosure agreements.
Why you need an NDA
Having confidentiality in writing, signed by the parties, can lend trust to the negotiations and that your or their ideas won’t be stolen by the people you are negotiating with. It is important to declare and ideally sign upfront, prior to disclosing the information. If appropriate, it may be beneficial to list specific items covered by the agreement, of course without limiting the agreement to those items only.
Different Types of NDA
There are many types of non-disclosure NDAs and confidentiality agreements. Just to give you a glance, here is a quick list of just a few:
This type of NDA is very often used and mostly applies when both parties want to have equal protection
Independent contractor NDA
When using independent contractors, it is important to consider whether the external work poses a risk to you and your clients. Often you might be required as a supplier to a larger company, enterprise, or even government agency to secure that all your subcontracting parties sign NDAs.
Software development, product development NDAs
Nowadays, all businesses use experts and external firms for providing information technology and software development services. Regardless of how small or large, your business is, software developers usually gain valuable insights into your business. When you are hiring external developers or consultants simply use NDA, it strengthens your position and your provider’s professionalism.
Don't take the risk
Clearly, signing NDAs is a good legal practice to protect intellectual property and commercial secrets, especially in today’s increasingly complex data-driven and digital age. You will be working with many external agencies in the area of business development, marketing, customer support, or manufacturing, and so on. Simply do not take the risk and Protect your innovations, know-how, and your clients.