You come up with either a business or product idea, but to carry it through you have to outsource part of your processes to a complete stranger from your logo ideas, to your business strategies which could put you at risk once you reveal your ideas to someone else without any sort of agreement or protection. The best way to protect yourself, your investment,your future, your ideas is to have them signed a confidentiality and non disclosure agreement.
A confidentiality and non disclosure agreement Is a contract through which the parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or trade secrets. As such, an NDA protects non-public business information.
Chances are you’ve been asked to keep a secret before, and you might have kept your lips locked out of respect for whoever passed along the private information. A confidentiality agreement, also called a nondisclosure agreement or NDA, takes the notion of keeping a secret even further. This contract creates a legal obligation to privacy and compels those who agree to keep any specified information top-secret or secured.
NDAs are fairly common in many business settings, as they offer one of the most surefire ways to protect trade secrets and other confidential information meant to be kept under wraps. Information commonly protected by NDAs might include schematics for a new product, client information, sales and marketing plans, or a unique manufacturing process. Using a nondisclosure agreement means your secrets will stay underground, and if not, you’ll have legal recourse and might even be able to sue for damages.