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A non-disclosure agreement, also called a confidentiality agreement, is a contract that prohibits a company or individual from sharing private information owned by another individual or entity. This contract might be used to protect an unpatented idea, business plan, or other valuable information. If a person breaks this agreement, a court might force the violator to pay damages and immediately discontinue disclosing additional information.
Constructing a Contract from a Non-Disclosure Agreement TemplateBefore sharing valuable information with another individual or company, it is important to present the entity with a non-disclosure agreement. Unless you have an attorney available to construct this contract for you, you might need to create this document using a non-disclosure agreement template.
A non-disclosure agreement template is a generic document that can be tailored to meet an individual's requirements. Most templates have been constructed by attorneys or professionals experienced in this area of law. In most cases, these documents are very similar to what would be created with the help of an attorney. Fortunately, non-disclosure agreement templates are available online for free or for a small fee.
Choosing the Best Non-Disclosure Agreement TemplateThe most difficult aspect of using a non-disclosure agreement template is choosing a template that fits the situation. There are many different types of non-disclosure agreements. These agreements are used between employees and employers, different companies, companies and service providers, and contractors and companies. Some non-disclosure agreements are one way, while others are two-way agreements. Before choosing a template, it is important to define your individual situation.
For instance, if you have an idea for an invention, you might need to consult a company for assistance on product development, funding, or marketing. In this situation, you should use a template created for the one-way sharing of information with a company. If your company will be sharing private trade information, you will need a document designed for corporations or companies mutually trading information.
Once you have found a suitable template, you must input your name and contact information as well as the other entity's name and contact information. You must also include information regarding the reason for sharing information, the term of the contract, whether the contract is renewable, and information regarding termination. To ensure the contract is enforceable, you might want to consult an attorney. Once you have completed the contract, you must sign the document and collect the signature of the individual who will be receiving your private information.
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Nondisclosure Agreements Protect Against Intellectual Property Theft?
When sharing proprietary information with someone, an individual or a company may choose to use a nondisclosure agreement as a means of protection. Nondisclosure agreements are used in a variety of instances, but most often, they are used to protect against theft of intellectual property. An example of this may be when a company needs to share proprietary information with a prospective employee in the interview process, but they will want to make sure the prospective employee does not share that information, even if not hired. As a result, they will typically have that person sign a nondisclosure agreement.What is Included in a Nondisclosure Agreement?A nondisclosure agreement typically contains the identity of the parties bound by the agreement, what information is protected by it, how long the information is protected by the agreement, as well as what the penalties are for breaking the agreement. A nondisclosure agreement may not list all of the specific information that is not to be disclosed, but instead, it may simply list general areas of information to be kept secret. An example of this may be where a rival company is being propositioned about a partnership by an engineering firm, and the propositioning company provides specifications about a new project. In this scenario, a nondisclosure agreement may not list the project or its details specifically, but instead, it may opt to simply cover any and all engineering specifications and projects disclosed during the meeting.The Timeline of EnforcementMany nondisclosure agreements will also include information regarding how long the agreement is in effect for. This is done to protect information that may be time sensitive, such as information about a new product that will be debuting soon. After the specified period of time has passed, both parties are then free to disclose the protected information without penalty.Penalties for Disclosing InformationIf information is knowingly shared by a party that signs a nondisclosure agreement, there are various penalties that could be levied. The agreement itself may outline specific penalties, such as litigation, or it may list monetary damages that could be collected if the disclosed information is used to hurt the person or company providing the information. This also applies if someone signs a nondisclosure agreement, but then uses the information they have gained to emulate a product, service or idea.
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