Our highly qualified associates at BK Law Group are experienced in drafting non-disclosure and confidentiality agreements for businesses. When forming a new idea, business venture or formula, it is crucial to have an NDA prepared before hiring new employees, forming partnerships and receiving support from investors. For any major secret the business is making an effort to protect, it is also recommended to get a confidentiality agreement.
WHAT IS A NON-DISCLOSURE AGREEMENT?
Non-disclosure agreements are commonly used to protect confidential intellectual property shared between parties. It provides explicit legal consequences that will be enforced if a party breaches the agreement by sharing such important information to other parties not stated in the fine print. This can include stopping the party from sharing information any further to others and possibly even receiving compensation. Although an oral agreement can be implied, it recommended to create a written agreement in order to avoid the difficulty of proving the relationship in the court of law.
WHAT IS A CONFIDENTIALITY AGREEMENT?
Confidentiality agreement prevents the use of the confidential information from being used inappropriately by current and past employees. If a party has breached the terms of the contract, the agreement will state the consequences that will ensue.