Do you need to protect confidential information in your business? Are you expanding your team, or reach out to suppliers, and need to ensure that all stays secure in the process? The best way to do this is through a non-disclosure agreement (NDA) that all parties must sign.

Any time sensitive or confidential information is shared – an invention, access to trade secrets, a marketing strategy, or financial information – an NDA is necessary to ensure the privacy and confidentiality of that shared information. But how do you go about obtaining, drafting, and executing a NDA in Los Angeles? Read on for an overview of the process and what to look for.

What Is a Non-Disclosure Agreement?

A non-disclosure agreement is a legally binding contract between two parties, usually a business and an individual, that sets out the rules for the sharing of confidential information. By law, it is intended to protect sensitive data from being shared or made public.

By signing a NDA, a party agrees not to use the confidential information, or share it with any other party. The agreement also outlines what information is confidential and the duration of the NDA. The agreement is unique to each situation, and must be written to suit the parties involved and the specific nature of their exchange.

Common Types of NDAs

There are several types of NDAs, all with the same basic goal of protecting confidential information. They include:

Unilateral NDA – This type of NDA protects one party’s confidential information; it is commonly used when a business is seeking sensitive information from a customer.

Bilateral NDA – A bilateral NDA is signed by both parties in the exchange and protects the confidential information of both. It’s the most common type of NDA when two companies are working together in some fashion.

Mutual NDA – This type of NDA applies between two individuals, or two entities, and outlines the rights and responsibilities of each when handling sensitive information.

Enforcement of an NDA

One of the more difficult aspects of an NDA is enforcement. If either of the parties covered under an NDA breach the agreement – either by disclosing information that was meant to stay private – the other party can sue for damages.

However, if one of the parties included in the agreement fails to hold up their end of the bargain, the other can be held liable if they suffer losses as a result.

Getting Started With an NDA in Los Angeles

The best way to create an enforceable NDA in Los Angeles is to contact a qualified legal professional. While there are NDA templates online and plenty of information about building a NDA yourself, having an experienced attorney by your side can help ensure that your agreement is bulletproof.

At UpCounsel we offer access to a network of experienced lawyers, including business attorneys in Los Angeles who can help craft an NDA that meets the needs of your business and its partners.

Our team of expert attorneys have the experience – and expertise – to make sure that your NDA is airtight. Our online profiles include ratings and review of recent work, allowing you to find the best attorney for your NDA.

With UpCounsel, you can get the legal counsel you need for everything from one-time consulting to entire freelance legal departments. Contact UpCounsel today and get the peace of mind that comes with having a sound NDA in place.

Topics:

NDA,

Non-Disclosure Agreement,

Los Angeles