Are you hoping to get someone to invest in your business? Or perhaps you’re thinking about working with a business partner in a collaboration arrangement or joint venture?
If you are, you are probably worried about how you will protect the confidential information about your business.
You’ve probably heard the terms “NDA” (short for Non-Disclosure Agreement) and Confidentiality Agreement. But how are these agreements relevant and what do you need to think about?
The first thing to say is that an NDA and a Confidentiality Agreement are just different names for what is the same type of agreement – that is, one that says information disclosed by one party to another must be kept secret and not disclosed to third parties.
You may be thinking that as an NDA/Confidentiality Agreement is a legal document, it will be expensive to put in place. And anyway, hasn’t someone told you that there is no point in having one because you won’t be able to afford to enforce it?
These are common misunderstandings. I want to make it clear that this is not the case and give you an idea of what are the key things that you need to know.
1. Is it worth putting an NDA in place?
2. Where do I get an NDA and will it be expensive?
3. Who needs to be a party the Agreement?
4. Lots of NDAs look very different: are they really the same?
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