An NDA is a non-disclosure agreement in which the signing parties generally agree not to disclose or reveal certain information they learn to outside parties. This is common in employment, where an employee will sign an NDA and agree not to disclose company secrets or proprietary information. This might include product formulas, client lists, processes, marketing strategies, and more.
When an NDA is violated, there are often steep penalties, which should be detailed in the agreement. While NDAs play important roles in business, they are often overused. If you are wondering whether to use an NDA, speak with an Atlanta contracts attorney about your situation.
Using NDAs for Your Company
Often, companies have anyone and everyone sign NDAs, including potential investors, contractors, employees, and more. These contracts are not always necessary, however, and they can even turn off potential investors or derail other opportunities for your company. Sometimes, you can simply limit the information you provide in meetings or other ventures to avoid needing an NDA.
If an NDA is appropriate for the situation, you want to make sure the terms of the agreement are airtight. Always have a contract lawyer draft or review an NDA before you sign it or present it to someone else. It is never wise to use boilerplate NDAs or reuse past contracts, as the terms should be properly tailored to the situation at hand. This ensures you can enforce the NDA should it become necessary to protect your business.
Consult with an Atlanta Contract Attorney Today
Knowing whether or not the NDA that you are being presented with – or presenting to other parties – is something that is worth signing can be difficult to determine. An experienced contract attorney can advise whether a contract is beneficial for you or not, and at Battleson Law, we are here to answer your questions. Please schedule a consultation today to learn more about our services.