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Nondisclosure agreements protect companies' information

There are many successful businesses in Charleroi, Pennsylvania. Much of conducting business is transferring information between people who work for the business and their clients. Often, that information is very sensitive, making it critical to preserve its confidentiality and avoid problems that can lead to business litigation. A key way of preserving confidentiality is by having all parties involved sign a confidentiality agreement, which is most commonly called a nondisclosure agreement (NDA).

There are a lot of situations for which NDAs are needed. One is when presenting business ideas to potential investors and to potential business partners. After all, you don't want them to turn down the deal that you are offering and then be able to go on and share information about your ideas with others, since them doing so would hurt your competitive advantage.

Other situations that necessitate NDAs include when you are showing proprietary technology and new products to someone who may be interested in buying your business. This is critical, since the last thing you would want would be for that person to not buy your business and instead take what he or she learned and start his or her own business to compete with you.

You will also want to have an NDA with vendors that provide services to your company, since those vendors will often have access to sensitive information about your company. Your own employees will have access to sensitive information about your company, too, and having NDAs with them keeps them from gabbing about your company's secrets to their paramours or selling those secrets to other companies.

One case where NDAs may not be securable is when startups are seeking to get funding from venture capitalists, since venture capitalists are usually loathe to sign such agreements. Still, because there are so many cases in which they are applicable, it is good for businesses to become familiar with them.

Source: Forbes, "The Key Elements Of Non-Disclosure Agreements," Richard Harroch, accessed March 29, 2018

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Bassi, Vreeland & Associates, P.C., has fully staffed offices in both Charleroi and Washington, and we serve clients throughout southwestern Pennsylvania. To discuss your legal needs with our experienced lawyers, call us at 724-705-0146. You can also send us an email.

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