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What is a Non Disclosure Agreement?
A Non Disclosure Agreement is a legally binding and enforceable contract that offers protection when two or more parties will be disclosing confidential information to each other. Non Disclosure Agreements are typically used when businesses exchange commercially sensitive information. An NDA creates a confidential relationship between the parties exchanging information, where neither party is able to share the other’s confidential information.
NDAs offer protection when two businesses want to share information with each other but need to ensure the information goes no further. This mutual NDA allows you to get to know each other better so you can decide whether to enter into a longer-term deal or partnership.
When should I use an NDA?
- when you want to exchange confidential information with another party (a business or an individual)
- to impress upon the other party the value of the confidential information
- to impose requirements about the protection of your confidential information