Do I Need Confidentiality and Non-Disclosure Agreements For My Business?

Have you been wondering if you need confidentiality or non-disclosure agreements for your business? They are commonly used by organisations to provide governing terms that protect confidential information. Does your business need one? Do you need to sign one or get another party to sign one for your organisation? This is something that our commercial solicitors can help you understand.

You may come across a non-disclosure agreement, also known as an NDA, when parties enter a commercial transaction. More commonly they are used at the beginning of the business journey. However, there are times when non-disclosure agreements can be used at a later date, retrospectively. This is when confidential information is shared prior to the signing of confidentiality agreements and obligations.

Most types of information within your business can be classed as confidential information. Therefore, a non-disclosure agreement can be used. That said, there is no specific definition as to what confidential information. However, it is not possible to claim information that is readily available to the public is confidential. This means that restrictions can often not be placed on it.

Our commercial solicitors at Burgh Thorpe Solicitors recommend that all confidentiality and non-disclosure agreements for business are entered as quickly as possible. These agreements should be signed before any confidential information is disclosed. You will find that entering a written agreement is one of the best ways to protect the confidential information of your business. This is because a contractual obligation is easier to enforce.

The implication of an NDA alone can cause deterrence. However, it will not guarantee that the confidential information will remain confidential. That said, if any confidential information is released there are remedies Available. This can be used as a preventative measure or as compensation, if you would prefer.

If you became aware that your confidential information had been released or used, an injunction can be sought. This will help to prevent this happening. However, if the confidential information has already been released, it is not much use. This is where compensation in the form of damages can help your business.

If you are looking to protect the confidential information of your business, speak to our commercial lawyers in Peterborough. We will help ensure that your business is protected in all the right ways.