Why a Non-Disclosure Agreement?
Your successful business has an excellent business model. You have wonderful staff, clients, suppliers, systems and know-how. You are the only person that knows who they all are and how it all works. Someone wants to be involved with you. But first, you have to share some of those secrets. They may also have to share some secrets about what they do. Non-Disclosure Agreement (NDA) to the rescue.
Other names for a Non-Disclosure Agreement:
1. Non-compete agreement (NCA)
2. Confidentiality agreement (Confi)
3. Confidential disclosure agreement (CDA)
4. Proprietary information agreement
5. Secrecy agreement
6. Mutual Confidentiality agreement
7. Non-use agreement
How do you stop others from:
1. stealing and sharing your secrets with competitors?
2. headhunting your staff?
3. using your plans?
4. using your secrets?
The other side also wants to keep everything secret. The answer: build a Non-Disclosure Agreement.
A Non-Disclosure Agreement is a promise not to disclose confidential information about one another.
Examples of ‘confidential information’ and ‘secrets’ are:
1. business strategies
2. business models
3. intellectual property
5. the winner of a reality television show that is yet to air
6. trade secrets
7. government secrets
8. celebrity secrets
9. a scandalous relationship that is not public knowledge
10. something that is not of public knowledge and is of value to you or your business
11. how to build an electric car for under $10,000
12. how to create a successful online business in other countries
When should I use a Non-Disclosure Agreement?
Use a Non-Disclosure Agreement when you, your company or business discloses confidential information or secrets to others. NDAs are commonly used in business negotiations. This is because it is often necessary to share secrets.
But it is not just about business. It can be an agreement between people that does not involve a business.
Who is protected by our Non-Disclosure Agreement?
Some non-disclosure agreements are only ‘one-sided’. This means only one party is protected. However, our law firm’s Non-Disclosure Agreement protects multiple parties – it protects everyone who is party to the agreement. It builds trusts between the parties. Everyone is treated equally.
For more legal advice telephone us. We are a law firm. We can help you answer the questions.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
Australia wide Intellectual Property lawyers
Direct: 08 6389-0400
National: 1800 141 612