Have you created an invention that you are looking to one day patent and sell? Well, there are a few aspects of the trade in which any small business owner or inventor should be aware of. One of those aspects is known as a Non-Disclosure Agreement.
Distributing new information and inventive work which a small business owner expects to use publicly entails a great deal of mutual trust.
A Non-Disclosure Agreement – also known as an NDA or a confidentiality agreement – is a type of contract in which two or more parties agree to protect the confidentiality of private information that is revealed during any type of business transaction.
If you go forth with an NDA with a business or individual who then uses your private information without authorization, you can request a court to stop the violator from making any additional disclosures and are allowed to sue for damages.
Elements of a Non-Disclosure Agreement
The five critical elements in a Non-Disclosure Agreement include:
• Definition of Confidential Information
• Exclusions from Confidential Information
• Obligations of Receiving Party
• Time Periods
• Miscellaneous Provisions
It is of an owner’s best interest to protect and take care of their confidential information or trade secrets. This protection can be used when dealing with different types of sellers, independent contractors, or even when negotiating deals or projects with other businesses.
A Non-Disclosure Agreement is the most secure way to guard your private information. Whether the agreement is the confidentiality of your client lists, list of dealers or costs of goods – an NDA should not be taken lightly.
About CODANK Charlotte Web Design
CODANK is a top rated Charlotte Web Design, Internet Marketing and Search Engine Optimization firm located in Charlotte, NC. We are dedicated to providing the highest quality, cost effective custom software development services, delivering a broad range of business consulting and outsourcing services. We specialize in web design and development, branding and identity, internet marketing, and content management systems.
For more information, visit us at www.codank.com
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