When To Use a Non-Disclosure Agreement? Orlando IP Lawyer Explains

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When To Use a Non-Disclosure Agreement? Orlando IP Lawyer Explains.

A company’s trademarked formula, process, design or patent idea gives it a competitive advantage in the market. Whether you are starting a business, establishing business relationships or merging or acquiring an existing venture, a non-disclosure agreement (NDA) guards what intellectual property your co-partners, employees, contractors and other third parties are legally able to divulge about your business interest. Some agreements are more general than others, while some have stiff and often long-lasting consequences if violated.

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Under What Conditions Should You Use a Non-disclosure Agreement?

In some cases it vital to form a non-disclosure agreement. For example, prior to filing a patent application, an inventor may need to reveal certain proprietary information to an engineer or manufacturer in order to develop a prototype. A designer with a new idea may need to divulge confidential information to investors and potential business partners, in order to advance the commercialization of a product in a way that does not interfere with their ability to seek patent protection.

Other scenarios that call for the use of NDAs are when a company discloses sensitive business and financial records to a potential buyer of the business. Companies also frequently rely on third party contractors to provide critical services, whereby non-disclosure agreements are essential to keep a solid competitive edge.

In other cases, a NDA may or may not be warranted. When used in the wrong circumstance, the agreement can cause interference in what is an otherwise good business relationship. Just as important, improper or inaccurate drafting can render a non-disclosure agreement unenforceable when it is needed. Our attorneys can advise you on making the best legal decision.

Contact the intellectual property law attorneys at TK Law in Orlando for experienced counsel regarding when and how to use a non-disclosure agreement to add protection to your trade secrets.

Protecting Your Orlando Business Advantage

Non-disclosure agreements are a form of confidentiality agreement. The signing parties legally agree to maintain certain information as identified in the contract as secret or confidential.

If a business stands to lose profit or opportunity in the event certain information is released, a non-disclosure agreement is something to seriously consider. This is especially the case if there is any reservation whatsoever about the need to keep an idea a secret or to limit exposure. A vital element in patent applications, critical details must be maintained accurately and specifically through non-disclosure provisions.

Factors an attorney helps you understand in a non-disclosure agreement are:

  • Clarity on what information is confidential and what is not
  • Clarity on how long an agreement is effective
  • Consequences for breaching the agreement

Non-compete Agreements

A non-compete agreement offers different protection than a non-disclosure agreement. In certain cases non-compete agreements are recommended instead of a non-disclosure agreement, but we may suggest to a client to have a non-compete agreement in addition to a non-disclosure provision in their employment agreements.

TK Law: Orlando Lawyers You Can Trust

Individuals, families and businesses throughout Orlando and Central Florida have come to trust our law firm to provide perceptive, compassionate and effective legal representation when they need it most.

Safeguarding a business from confidentiality breaches is a priority. A good IP lawyer will proactively work to understand your business in order to fully represent and support your company’s interests under the law. A lawyer who understands how important a business’ trade secrets are will know how to treat clients with the utmost respect and not leave any matters uncovered.

At TK Law, our successful experience with both large and small companies shows our business knowledge and our value for our clients. We can also assist in breach of contract issues and business fraud cases. Contact us today for trustworthy legal service or call us at 1-855-Kramer Now (1-855-572-6376).

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