Knowing who to trust with your business’ confidential information is hard. You put a lot of time and energy into making your business successful. But how can you trust that others will protect the business? On the one hand, most companies need to engage other people or companies for services of some kind. On the other, the confidentiality of your company’s information is what makes it valuable. Imagine if a marketing firm made its future advertising campaigns public, or a food manufacturer had its recipes leaked!
WHAT DOES IT COVER?
A Non-Disclosure Deed (NDD) is a way to share confidential information with another person or company and ensure that the information is kept secret. It is a binding agreement which ensures that the information you disclose is only used for the agreed upon purpose.
WHY IS THIS IMPORTANT?
NDDs are a sensible step to take to ensure that business or personal information is kept “confidential” and not disclosed by one party to the detriment of the other. Signing a NDD is also a protective measure which serves as an important warning against the disclosure of confidential information in the first place. If the information is made public or information is provided or used outside the express purpose for which it was provided, then a wronged party can rely on a NDD when seeking damages in legal proceedings. All businesses have internal information of some kind they want to protect. A NDD can provide this protection and reduce the likelihood of it finding its way into the wrong hands