If you've spent time in the land of corporate culture you'll be very familiar with Non-Disclosure Agreements (NDAs) Simple form or Mutual, but maybe not if you are an Entrepreneur or just starting a business.
Non Disclosure Agreements are commonly used in business settings to protect sensitive information, such as trade secrets, business plans, client lists, and proprietary information. Why is it important?
What is an NDA?
The Non Disclosure Agreement, also known as a confidentiality agreement, is a legal contract between at least two parties, that enables to talk openly about confidential material that may include your plans, your ideas and your metrics with a third party without fear of exploitation or your material being copied or used.
Getting the simple non disclosure agreement template and signing it, means that the parties involved agree not to disclose or use the confidential information for any purpose other than what is outlined in the agreement.
NDAs can be one sided or mutual. The mutual NDA purpose is to outline the terms and conditions of a confidential relationship between two parties, both providing Confidential Information for an articulated transaction or a business purpose. Hence the agreement protects both parties.
Why use a Non Disclosure Agreement Template?
Protect your BIZ with appropriate tools, like NDAs, Intellectual Property protection, strategic contracts and agreements. These tools allow you to identify sensitive business areas needing protection without breaking the bank.
The barrier to entry for new businesses is very low and you may not have established your brand in the market place yet. As such, you want to be very careful and very choosy about who and what information you share about your business.
In the case where you have to share confidential information, you may be surprised to know that your NDA will remind the other party that your discussions are confidential and need to remain as such. It is an important step depending on who you are engaging with, because:
They may genuinely not be aware that the information is confidential and hence you have taken the initiative to gently and kindly let them know.
They understand the concept of NDA but would like get information about your venture and how you may have solved a particular challenge. In this case, you will have to make a decision as to whether you wish to share or not share the information.
It demonstrates that you have done your homework, that you have a certain level of professionalism and signals that you are ready to defend your business.
While in certain cases, asking the other party to sign an NDA could put them off, particularly if it is not something they have seen before, your Intellectual Property / Trade Secrets / Client Lists and the likes are your assets and you need to protect your assets.
In these cases, present the ask as necessary and refrain from sharing confidential material if the other party is not comfortable signing. Are you in in need of other pre-built templates, that you can get on a click of a button?
Simple Non Disclosure Agreement Template & more
Just having an NDA signed certainly doesn't prevent anyone from taking the information you have kindly shared and exploiting it for their own advantage, copying it, using it and even engaging in the market with it (that is the worst case scenario, and hopefully you have done something with it before it got to that point).
Perhaps it is time to start thinking about Intellectual property protection as the next step. Intellectual Property refers to creations of the mind, including inventions, literary and artistic works, symbols, names, and images used in the building of your business.
While you may not have the time or inclination to engage in disputes, the NDA has just offered you a mechanism to pursue legal recourse and provided you with negotiating power to find a solution, in case of issues arising.
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