A contract that establishes a confidential relationship between the parties.
A non-disclosure agreement (NDA) (also known as a confidentiality agreement) is usually the first step in exploring a potential business relationship with a third party.
It is used in circumstances where you give third parties access to confidential information about your business, for example, where you are disclosing confidential information to another business for use in connection with a project that you are considering undertaking together or for the purposes of receiving an investment.
NDA’s can be mutual (where both parties will be disclosing confidential information to each other) or one-way (where only one party will be disclosing confidential information to the other party).
An NDA will ensure that your counterparty is obliged not to share your confidential information with anyone else or use your confidential information for their own commercial gain. Confidential information refers to any business or personal information that is not publicly available, such as budgets, promotional activities, market plans or opportunities, trade secrets, know-how, product information or manufacturing methods. This Agreement includes the following key terms:
- clarifying the nature of the NDA, whether it is mutual or only one party will be sharing confidential information;
- clearly defining the obligations of the parties when handling this confidential information;
- stating any circumstance where disclosure of this information will be permitted; and
- providing a way to resolve disputes if any should arise from this agreement.
Putting an NDA in place will also ensure that talking about your inventions and ideas will not prevent you from claiming intellectual property rights over them later. Use our custom contract tools to create one for your business now to protect your interests.
An NDA should be put in place before sharing confidential information about your business with third parties, including potential suppliers, potential partners and prospective development or marketing agencies.
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We provide legal support for business issues, including contracts, intellectual property and company secretarial work. We do not currently provide dispute resolution, property law services or support for personal legal issues.
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Every business should have its own, tailor-made standard contracts for customers which reflect the way it does business.
Having your own standard terms will ensure that you’re able to provide the protection that your business needs and will enhance your reputation because customers will know what to expect from you and what happens if things go wrong.
To be effective, your standard terms must reflect the way you do business and protect your business from the specific risks you face. In contrast, we know that many businesses resort to relying on generic templates or re-purposing contracts obtained from competitors or previous employers. The problem is that these contracts often do not match up with your or your customers’ expectations and fail to adequately protect your business because important risks are not properly addressed. Poorly drafted or ill-suited contracts are often not worth the paper they are written on.
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