Confidentiality agreements are also known as non-disclosure agreements or NDAs. There are different types of these agreements specific to a situation. It is important that you speak to a solicitor to work out which agreement is best for your needs. In general, the following are the usual situations:
- mutual confidentiality agreement. These can be used where each party is disclosing confidential information to the other. The rights and obligations of both parties are mutual to create a balanced view.
- One way confidentiality agreements which are prepared in favour of the discloser of the information and hence drafted in his favour.
- One way confidentiality agreements prepared in favour of the recipient of confidential information
Sometimes parties do not want a long-detailed agreement preferring instead to rely upon a short confidentiality letter.
Confidentiality agreements can be used in a wide variety of business scenarios whether you have a new business idea are buying or selling a company or assets or have developed new intellectual property. A confidentiality agreement can protect your know how and information. After all, if the agreement is breached and the information is leaked you can act to recover your losses. Speak to a solicitor today to get the help you need.