In business, there are many situations in which you may benefit from sharing confidential information with another party on a conditional basis. For example, many businesses that operate in the Houston area and throughout the state of Texas operate using proprietary information that provides them with an advantage in the marketplace. Information that can result in a competitive advantage can take a variety of forms such as a client list. a manufacturing technique, or an analytical process. In addition, there are scenarios in which a business or an entrepreneur must describe an idea in detail to investors, manufacturers, developers, or other parties simply to explore its viability.
So, how can people in this position protect themselves while sharing the information they need to share with others in order to achieve their goals? One way is through the use of a , or NDA. At their most basic, non-disclosure agreements are a contract between two or more parties agree to share information between one another but not to disclose the shared information with others. In many cases, a well-crafted non-disclosure agreement can protect a party’s intellectual property from misappropriation by those with whom the party must share it.
What Should Be Included in a Non-Disclosure Agreement?
Non-disclosure agreements are complicated documents that should always be drafted by an experienced lawyer. Every non-disclosure agreement needs to identify the following:
- The parties to the agreement
- The information that is deemed confidential
- The extent to which the party receiving the information must keep the information received confidential
- Any information that is excluded from the agreement
- The length of time the agreement will be in place
The Importance of Retaining an Experienced Attorney to Draft Your Non-Disclosure Agreements
Whether you are planning on using non-disclosure agreements with your employers, partners, investors, or developers, it is essential that the NDA you use is clear, enforceable, and protect your rights. Failure to achieve these goals could result in a situation in which you disclose information to another party who is under no obligation to keep the information confidential or to not use it for his or her own benefit. In this way, a poorly drafted NDA could result in the unnecessary loss of lucrative business opportunities that could have been avoided simply by retaining an attorney familiar with this area of law. For this reason, if you believe that you may have the need for an NDA, you should consult with an experienced lawyer as soon as you can.
Call the Weisblatt Law Firm Today to Speak with a Houston Business Attorney
Andrew Weisblatt is a business lawyer in Houston who has been practicing law form more than 25 years. He is committed to being accessible to all of his clients and providing clear and effective legal advice that advances his clients’ interests. Mr. Weisblatt is qualified to provide counsel and representation across a wide range of matters., including entity formation, business transaction, contract disputes, contract drafting, employment issues, and real estate transactions, just to name a few. To schedule a consultation with Mr. Weisblatt, please or call our office today at 713-352-0847.