It’s a new year and there are new opportunities on the horizon for expansion! Ready to talk to someone regarding a joint venture? A potential investor? A consultant or vendor for a major project? A new partner? For all of these scenarios and MANY more, you will undoubtedly be sharing sensitive information about your business. And since you will be sharing sensitive information about your business, you will NEED a Non-Disclosure Agreement (NDA) BEFOREHAND.
Sometimes known as a Confidentiality Agreement, an NDA is a legal agreement between parties whereby the parties agree not to disclose certain information covered by the agreement. An NDA can be mutual (two-sided) or it can restrict one party from disclosing certain information covered by the agreement.
As you are embarking upon new opportunities for your business, you need to make sure your confidential/ proprietary information and trade secrets are protected- whether the deal goes through or not!
What kind of information is confidential or proprietary? Well, it depends on your business but here are some examples: client lists; funding sources; financial data; business strategy; technology codes; product-sensitive information; recipes; methods; techniques and much more.
Far too many times, we have seen business owners put the cart before the horse and start sharing confidential information with business prospects without an NDA in place and end up with that information leaked or used to someone else’s advantage. Don’t let this happen to you! No matter how big or small the business opportunity, PROTECT and SERVE your business! Start doing business the right way! Contact C&G today to assist you!
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