To maintain your business’s competitive advantage, use a Non-Disclosure Agreement Templates to keep a lid on your proprietary information. Having an NDA helps protect your intellectual property, like your trade
secrets, from getting into the wrong hands. Get it in writing before sharing any confidential information, so both parties understand their duties and privileges.
NDAs are, perhaps, the most common type of commercial contract. They are also one of most straightforward. That said, there are a few distinctions to be borne in mind. Although the content of every NDA is unique, there are two main types of the non-disclosure agreement.
They are unilateral and mutual. First, as well as short-form documents (like the free NDA available here), there are more detailed documents that cover collateral matters, such as IPR, publicity restrictions, and personal data processing. Second, we need to distinguish unilateral from mutual NDAs. The latter protect the confidential information of both parties.
If an NDA is breached, the party who revealed the confidential information could be sued for damages, be forced to pay back lost profits, and in some cases, be held in contempt of court (which could lead to criminal charges).Unlike many business contracts, non-disclosure agreements can be pretty straight forward.