What is an NDA and why do I need one?
The primary objective of a non-disclosure agreement (also known as an NDA) is to safeguard your information assets. For many businesses, your information assets are your most valuable business assets, like a customer list or a unique business process. Protection of this information is vital.
Other reasons to execute an NDA.
Having a non-disclosure agreement should be part of your normal business practice for many other reasons too:
A written agreement helps avoid confusion around what the parties consider “confidential information.” Imagine you disclose a key business process and the recipient of that process then uses parts of it for its own commercial advantage. As a result, that party gains market share that would have otherwise been reserved for you. Your recourse now is to file suit on a verbal contract? You can do that, but the Recipient is likely going to take the position that you said the business process was not confidential or proprietary. The Recipient will make it appear that everyone uses a process like that. Had you executed a written non-disclosure agreement, however, the parties would have agreed in advance to keep the business process confidential.
A written agreement spells out the specific expectations for the use and disclosure of the “confidential information.”
It’s much easier to enforce your rights if you have a signed written agreement.
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