Any business that hires employees or works with contractors and business partners will inevitably need to exchange proprietary information in order to carry out business. Non-disclosure agreements, or NDAs, can help ensure this information is protected and not used against you. Regardless of the type of NDA used, effective ones should do the following:
- Identify the parties bound to the agreement.
- Define which information should be considered confidential and which should be excluded.
- Describe how parties receiving confidential information should use and protect it.
- Include terms covering the expiration of the NDA and procedures for returning classified information to the sender.
- Describe the remedies that could result from breaching the NDA.
Here are six key NDA drafting and litigation considerations for organizations working with partners domestically and overseas:
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