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What do you need in a nondisclosure agreement?

On Behalf of | May 2, 2016 | Business Litigation

If the company you own or work will be collaborating in some way with another company or individual, it may be necessary for you to share some sensitive information with the other party. Florida businesses do this all the time but they should never do it carelessly. There are many situations that logically warrant the sharing of business information but that also require that information to be protected in the process. This is exactly what a nondisclosure agreement allows.

Forbes indicates that when considering a nondisclosure agreement, giving thought to the details is highly important. These details include not just what data may be deemed confidential but in what format that may occur. For example, you may wish to specify that information shared via email, via hardcopy documentation and orally is all protected under your contract. Some agreements specify that only written materials marked as confidential are protected.

Along with noting what details are to be kept protected, you should always outline what may be excluded from the contract’s provisions. There may well be information that is generally or publicly known. This would not need to be covered in your agreement and should be specified as such. Nondisclosure agreements also should clarify that it is not simply the keeping of secrets that is required. Parties in these agreements should also agree to not use information for their benefit. You may also wish to outline a specific timeframe in which the agreement is to be binding.

This information is not intended to provide legal advice but general information about business confidentiality agreements in Florida.