Are you looking for a Non-Disclosure Agreement?
In business, sometimes we want to share our confidential information to another party but also want to keep it secret. NDA is the one common way to protect the secrecy of confidential information.
What is the Non-Disclosure Agreement?
It is also called a confidential disclosure agreement (CDA), confidentiality agreement (CA), secrecy agreement (SA) or proprietary information agreement (PIA).
A non-disclosure agreement is a legal contract signed by two parties in which they agree not to disclose information covered by the agreement. It is a contract through which parties agree not to disclose information sensitive and confidential information covered by the agreement.
By signing an NDA contract, a confidential relationship between the parties is created and it protects non-public business information.
Elements of an NDA
NDA agreements typically serve three key functions:
1.Protects confidential information
2. An NDA agreement can help the inventor keep patent rights safe, in the case of a new product or concept development.
3. Confidentiality agreements and NDAs expressly outline what information is private and what’s fair game
NDAs should contain a few specific sections: Definitions and exclusions of confidential information; obligations from all involved people or parties; and time periods.
Why NDA is useful?
In today’s world, the Non-Disclosure Agreement is surprisingly useful in commonplace to be it an attorney-client privilege or doctor-patient confidentiality. It is basically covered by an encompassing nondisclosure agreement.
It’s an almost surefire way to make sure that sensitive information stays protected in a variety of situations through the NDA agreement.
Cases in which NDA can be useful to protect confidential information:
-To a venture group for possible funding and finances, business models to be presented
-Plans for a new tool to be produced by a fabrication shop
-Description of clients or customers for a certain company
-Embargoed news releases or reviews
To make the best legal decisions it’s important to be aware of how these legal agreements work.