What are they and when do you need one?
NDAs are the grown up, formal version of, “secrets don’t make friends, but friends make secrets.”
Basically, an NDA is a way to keep your “secret” information secret—whether you’re dealing with friends or not.
In other words, Non-Disclosure Agreements (NDAs) are legal agreements that protect sensitive information that contribute to projects, ideas, or products of the company and keep that information out of the hands of competitors.
Part of a successful business is creating and maintaining a competitive advantage in specific markets.
When outsiders sign an NDA, they are agreeing to keep your information to themselves and use it only for limited purposes.
So, when do you actually need an NDA?
You will want an NDA when you are presenting, sharing, showing, receiving, or allowing outsiders to access your confidential information.
You will want an NDA when presenting an invention or business idea to a potential partner or distributor.
You will want an NDA when sharing financial, marketing information with potential buyers of your business.
You will want an NDA when showing a new product or technology to a prospective buyer or licensee.
You will want an NDA when receiving services from a company or individual who will have access to sensitive information.
You will want an NDA when allowing employees access to confidential information to do their job.
And there you have it. The 5 general times you will need and NDA.
Download your “When Do I Need an NDA” sheet here.
Watch our full NDA Basics workshop here.
Learn more about RevRoad here.