Do you have a trade secret that is the lifeblood of your business? Then, as your NDA lawyer will tell you, you need to keep it hidden from the public and your competitors. That is, if you want it to retain its value to you and your profits.
Common forms of trade secrets include:

  • Sales or marketing strategies
  • Clientele catalogue
  • Formulas or blueprints for a product
  • Manufacturing specifications

In order to keep your trade secret out of the hands of others, you may want to create a nondisclosure agreement (NDA) that you, your employees, and your business partners have to follow. If not, you may face serious legal consequences. To start on a nondisclosure agreement personally tailored to your unique situation, contact an experienced NDA lawyer from B&B Law Group today.

Successfully Drafting a Nondisclosure Agreement

Sometimes shortened to NDA, a nondisclosure agreement can be written, oral, or simply implied through your behaviors. Oral and implied agreements can be difficult to uphold in court for even the best of business attorneys. Therefore, we always highly encourage clients to make any NDAs for their business written. In addition, you should include the signatures of all concerned parties. This will make it legally clear that they should not share with anyone else the topics you discuss or information you, your employees, and your partners work with without your explicit approval.
A nondisclosure agreement should include clauses that discuss:

  • Detailed description of what is confidential
  • Any aspect of the information that the parties should not consider confidential
  • Roles and expectations of all parties
  • Duration of the NDA
  • Arbitration, or what the parties can do in the event of a breach of contract
  • Loose Lips Lead to Litigation

Other than actually describing what is considered a trade secret that should remain confidential, the most important part of your nondisclosure agreement could be the arbitration clause. In this provision of your contract, you can describe what sort of punishments can be enacted if another party makes your secret information or product known to another party not named in the contract. You may wish to merely seek a court order for them to cease and desist their illegitimate behavior. Or, conversely, you may wish to sue them for damages tied directly to the breach of the NDA.
No matter how you plan on going about penalizing those who break your nondisclosure agreement, you will undoubtedly have to take them to court to do so. Be sure you are ready for any trouble ahead by working with our business lawyer.