Do you remember how much of a deal fast-food giants used to make of their so-called secret recipes? Whether there really was a secret ingredient in the Colonel’s chicken coating or Ronald’s hamburger relish may never be known. What is certain is that secrets can be critical to the success of a business.
Whatever your Daytona Beach business, you will have certain information you wish to keep inside your company. If your business secrets get out, they could reduce your competitive advantage. That is why many businesses choose to make employees sign a nondisclosure agreement (NDA).
Before you try to make all your workers take a vow of silence, consider what information you need to keep quiet, and who has access to it. The more focused your NDA, the more likely it is to stand up in court. Unless you are the CIA, most of what goes on in your workplace does not need to be kept confidential.
NDAs can be used to safeguard a range of information:
- Intellectual property: Whether a secret recipe or the ground-breaking invention you are working on, others would love to get their hands on specific details.
- Business plans: Maybe you have plans to launch a takeover bid for your competition. If word gets out, the opportunity will be lost.
- Personal secrets: If people find out your partner in a Daytona Beach wholefood store is an oil magnet, your credibility and business may suffer.
The big problem with an NDA is that you can never be sure a court will uphold it until you end up in court because someone has breached it. However, an experienced business attorney can increase your chances of success if you feel an employee has reneged on the NDA they signed.