How many times have you nearly spilled a well-kept secret and then stopped yourself because you remembered you’re a good person? Seven times? Well, not everyone has that little voice in their head to control their brains, and that is where the trusty Non-Disclosure Agreement (NDA for short) comes in. Think of it as a tool to turn that little voice into a silent but strong, legally binding piece of gold.
That’s the thing though, gold is expensive and in today’s day and age businesses and sole traders alike will often struggle to justify spending much money on a document that, like a prenup, you hope will fail to ever come into play. However, it’s not all doom and gloom in the NDA world. If you wander your eyes to the top right corner, you’ll see a button called ‘YourNDA’ which will lead you to… your NDA!
But first, how do they operate and why would you need one? Great question!
NDAs 101
An NDA establishes a confidential relationship and restricts the communication of information to third parties. In a business setting, they are commonly used to protect sensitive information and trade secrets and by signing an NDA, the parties agree to keep the shared information confidential (unless there is proper consent or authorisation to share it). An NDA is an essential tool for safeguarding intellectual property and maintaining trust.
However, NDAs don’t exist solely for co-founders or employees, you can draft an NDA between yourself (or your business) and anyone you want to ensure will not disclose the specified in formation.
4 Reasons to sign an NDA
- First and foremost, it provides a legal protection that can be referred to in the event that the information is released to a third party. A well drafted NDA will provide clear guidelines to refer to when attempting to show that it was breached making it easier, and cheaper, for you in the long run.
- These guidelines also help to organise clear boundaries outlining what is owned by who, and usually define the time period for how long the information is to remain confidential. Communication is key, and an NDA is one big collection of rules to dictate communication (or lack of).
- It may not be a traditional relationship of trust, but it is undeniable that a properly drafted NDA forms a strong foundation of trust between both parties, where they can be confident that the designated information will remain confidential. The basis of this trust is the threat of legal action and what could be a better motivator to keep a secret.
- In terms of an NDA between an employee and the business, the NDA provides a protection of trade secrets in the event that the employee leaves or is terminated. The agreement can be tailored to include the confidentiality of specific processes or methods, and the custom nature provides a flexibility allowing the NDA to be applied to all sectors and spheres.
YourNDA
Now, you’ve decided you want an NDA but all the quotes you’re getting are just charging far too much in today’s rapidly evolving (declining) economy. There is a massive gap in the market present in the vast expanse between big law firms and quick-and-dirty templates. We saw this gap in the market and decided that no longer will the people be charged ridiculous fees for what can be a relatively simple document.
By completing the 5-minute questionnaire behind our ‘YourNda’ button, our free resource generate an agreement containing your specific needs. While we might need to confirm or take advise on the finer details or more complicated matters, this outline alone will cut out some of the exorbitant fees usually charged to meet and chat with a lawyer. Production of an NDA has never been easier or kinder to your wallet.