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Confidentiality / Non Disclosure agreements
If you are a business owner and are considering releasing confidential information to another party, you will need to consider whether the party receiving the information should enter into a non-disclosure agreement (‘NDA’). A NDA creates a relationship whereby the release of certain information is subject to confidentiality, preventing the receiving party from disclosing information to a third party. NDAs can cover a wide range of information but the most common types are:
• Trade secrets
• Financial information
• Technical formulas
A NDA is usually entered into for a specific purpose, for example, if you are considering entering into a joint venture with someone you may need to disclose confidential information at the initial stages. The NDA will provide the party releasing the information with comfort in knowing that the receiving party is prohibited from using the information for a purpose other than that permitted by the NDA.
We are experienced in drafting detailed NDAs that intend to provide full protection for the releasing party as well as agreements in which both parties are sharing information and require equal protection. Our solicitors can draft an agreement which, above all, meets your specific needs and is tailored to reflect your concerns.
If you have discovered that confidential information has been disclosed, you may be able to claim a breach of contract and commence legal proceedings against the disclosing party for compensation / an account of profits / losses. Our litigation department will be able to advise more if this has occurred.
Call us now to discuss matters.