Nondisclosure Agreements
Nondisclosure agreements, also known as NDAs or confidentiality agreements, are legal contracts formed between interacting companies. They serve to prevent the passage of sensitive and potentially damaging information to any outside parties.
Sometimes, when two businesses opt to work in conjunction with one another, trade secrets, business plans, and customer lists are exchanged. If this information is leaked, it could be devastating for the involved companies. Therefore, NDAs are drawn up to explain what information must remain private. All parties involved in the business interaction are expected to sign the confidentiality agreement and abide by its terms. Any violators of these contracts will face legal punishment.
Terms of a Nondisclosure Agreement
Typically, nondisclosure agreements should include the following pieces of information:
- Complete definition and explanation of the confidential information
- Explanation of what information is allowed to be shared with other parties
- Obligations of each party
- How long the agreement will be in effect
- Any additional, relevant information
Sometimes, if the terms of a nondisclosure agreement are not made completely clear, a dispute can arise. When this happens, an experienced business attorney can help the involved parties reach a resolution and draw up a new, comprehensive, and unambiguous document.
Contact Us
If you would like to learn more about nondisclosure agreements, or if you are currently engaged in a dispute over one, then the Austin business lawyers of Slater, Kennon & Jameson, LLP can help. Contact our office today at 512-472-2431 to speak with an experienced lawyer.