How to Get Started with a Non-Disclosure Agreement (NDA)
Most Businesses Use Non-Disclosure Agreements for Safety3 min read
Most businesses of substance use Non- Disclosure Agreements (NDAs)- sometimes also known as Confidentiality Agreements- for a variety of reasons; business professionals often use them during the pre-negotiation stage, perhaps to protect intellectual property in discussions of possible joint ventures, or during employment contacts with potential employees. New York businesses require nuanced legal language and someone with a familiarity of local regulations to bring an NDA to fruition. Depending on the commercial needs of a business, an NDA might need to be crafted at lightning speed, making it difficult to funnel an idea to a reliable lawyer and have it back promptly. Fortunately, New York is home to legal professionals with extensive experience drafting and implementing NDAs; UpCounsel is a marketplace that connects business of all sizes with such professionals, all experienced in state laws and local regulations.
What is an NDA?
A Non-Disclosure Agreement (NDA) is a legally binding contract that obligates one or more parties to keep the confidential information of another party from being made public. NDAs are oftentimes employed to ensure certain pieces of valuable, sensitive, or confidential information are safe from more widely circulating. It is also used as a means of economic trade secrets protection. They are popularly used between businesses, the most common type of NDAs being utilized in the round up of personnel employed to do confidential work.
Types of NDAs
Typically, NDAs come in two classes: mutual non- disclosure agreements and unilateral non-disclosure agreements.
A mutual NDA essentially means both parties have confidential information to protect and agree to the same terms. In this situation, confidential information of one party is surrendered to the other party and vice versa. These types of non-disclosure agreements are often used in the discussion of possible loan, venture capital, and joint venture deals.
A unilateral NDA is used when one side only has confidential information. These agreements are often used for personnel contracts, employment contracts, and confidential settlement agreements. It is only natural for employees, consultants, or subcontractors to require the protection of confidential information when signing a job contract.
What Makes Up a Successful NDA?
Certain elements are necessary for an effective NDA, delivered with a successful outcome. An NDA with proper legal language and thoughtful execution must contain clear and unambiguous terms, having clearly defined areas of the agreement, establishing the respective rights of the parties. The basics of every NDA should contain an introduction, definition of terms, a description of the confidential information, how the parties may use the confidential information, exclusions of confidentiality, a description of the obligations of the parties, and an acknowledgement of the document in the form of signatures.
Creating a Legally Binding NDA
Finding a reliable lawyer with enough legal acuity to serve the needs of a business is not difficult. UpCounsel’s network of experienced attorneys provides the best solution for making legal contracts, especially when a business needs a contract urgently. Whether your business wants a one-time consultation or an entire freelance legal department, UpCounsel can provide the range of counsel needed for today’s competitive business environment.
From small businesses to the Fortune 1000, UpCounsel has access to a selection of attorneys who have an average of 14 years of experience in the business. Their profiles display client reviews and ratings of their most recently completed work, so you’ll know what to expect for your own project.
In a world that increasingly relies on an intricate web of legal matters for businesses of all sizes, it is vitally important to seek out legal counsel that knows the local regulations and is well-versed in the nuances of the situation. UpCounsel has a network of excellent and experienced business lawyers, all focused on the needs of today’s businesses. Their attorneys are the perfect option for obtaining essential legal documents, like Non-Disclosure Agreements, quickly.