If your immersed in the startup world then the letters “ NDA “ will come up. A non-disclosure agreement (NDA) is a legally binding contract in which a person / business promises to treat specific information as a trade secret and not disclose it to others. It’s important to note that an NDA will not protect trade secrets if the trade secret owner has not taken reasonable steps to keep the information secret.
The key terms to include in an NDA include: 1) the names of the parties; 2) what is deemed to be confidential; 3) the remedies for a breach; 4) consideration provided in exchange of non-disclosure; and 5) the term of the agreement. It’s important for you to look out for these elements if you end up using a “form” because those boilerplate agreements may not include them all. I’ve seen companies run into a lot of problems relying on those types of websites for their legal needs because the sites and their documents fail to address the unique characteristics of each company. That’s why hiring an attorney should always be considered when your business is faced with legal issues.
You should check out our legal marketplaceto have a startup attorney personally draft your NDA. The attorneys on our site have immense experience assisting entrepreneurs with their legal compliance so visit us for a free consultation to get started.