What is Non Disclosure Agreement?
What is Non Disclosure agreement: NDA is also known as a confidentiality contract. it is a legally enforceable agreement that creates a confidential conversation between two or more parties, that outlines private information, knowledge, and sensitive information that cannot be disclosed.
Both the parties sign agreement that the private information they get won’t be made available to any others. Also, its include internal information, goals, strategies, future plan, etc.
NDA is used for that business that enters into negotiations with other organizations. If you are running or planning to start a small business, there are some instances where you end up sharing confidential information with others. In this concern, might be misused data and information. So there is solution is NDA, So that you can leave all your worries and focus on your business.
Some Key Benefits of Non Disclosure Agreement
1. NDA is a legal document that protects confidential information.
2. It define what information is private & what is fair play
3. Protects intellectual property from being stolen.
4. Protects sensitive information, planning, tread, strategies, goals, etc.
5. It Helps to Set and Enforce the Consequences of Disclosure
6. Protection from the disclosure of intellectual property.
Types of Non disclosure Agreements
In This NDA, two parties are involved. Here one party admits to not revel information given by the other party. These are very common in everyday lives. For example, contracts with employees, clients, vendors, etc.
In this agreement means both parties agree to do not to share confidential information about each other. Usually, this agreement is used when companies from collaborations, mergers, partnerships, etc.
Precautions While Creating NDA
1. Ensure all the information mentioned in correct with simple language.
2. Do not involve non-required rules and regulation
3. Read the entire NDA verbally.
4. Check documents expire date and if need to renew the same if needed
