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What is a nondisclosure agreement?

If you are providing services to a new client in Florida, you may need to know some very specific and potentially confidential information about client’s business in order to fulfill your obligations. Your client may well request that you sign a nondisclosure agreement before any work commences. What is a nondisclosure agreement?

Simply put, a nondisclosure agreement is a legal contract in which you agree not to share specific information. Forbes explains that there is actually another element to an NDA, also referred to as a confidentiality agreement. In addition to not sharing information with others, you also agree to not put to use for your benefit any information deemed confidential that you may learn.

A variety of things can be protected with a nondisclosure agreement. These include financial details, new business or product ideas or concepts for completely new routes to market. NDAs should be as specific as possible and outline not just what information is included but any particular exclusions. There may be instances in which you are allowed to verbally share information but you cannot put it in writing. These type of stipulations can be part of an NDA.

The duration for which a nondisclosure agreement is valid must also be clearly called out in the contract. Some NDAs will only require something of one party while others bind both parties to some level of confidentiality. This is the difference between non-mutual and mutual agreements. This information is not intended to provide legal advice but general information about nondisclosure agreements in Florida.

 

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