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When do I need a nondisclosure agreement?

On Behalf of | Feb 10, 2019 | Business Litigation |

If you work for a company in Florida and need to hire an outside vendor to perform some work for your company, you may well need to share sensitive business or industry information with that vendor in order for them to do the work you want them to do. Certainly, this sounds a bit concerning as the information you would share must be kept in confidence and not used incorrectly. This is what a nondisclosure agreement is for.

Sharing information with a vendor is just one of the many situations in which the use of an NDA, also referred to as a confidentiality agreement, is important. As explained by Forbes, you may even find it helpful to have your employees sign NDAs to protect the business while still giving employees access to the data they need to do their jobs. If you have developed a new product, service or technology and want to discuss this with a potential partner or buyer, you should again enlist the protections allowed by a confidentiality agreement.

In addition to outlining what information is to be kept in confidence, these contracts should indicate their durations, any exclusions and the desired paths for conflict resolution should that be needed. 

This information is not intended to provide legal advice but is instead meant to give individuals and companies in Florida an idea of some of the situations that may warrant a good confidentiality agreement as well as some of the provisions they should be sure to include in such a contract.