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Should You Use an NDA in Your Business Dealings

November 26, 2018 Comments Off on Should You Use an NDA in Your Business Dealings

It is a fact that if you are in business today you should protect your proprietary information when dealing with vendors, independent contractors and other assorted types of businesses. Of course this would mean that you would have them sign an “NDA”, which stands for a non-disclosure agreement.

What Is An NDA?

So what exactly is an NDA? In short, an NDA is a signed contract or agreement between parties who are engaged in any type of business agreement or transaction. The purpose of the signed agreement is to protect confidential information that will become known as a result of the business agreement or transaction.

Terms Of the NDA

The terms of an NDA can vary but by and large they mandate for financial damages in the event that one of the signing parties violates the agreement. This also usually also includes attorney fees for the damaged party.

The NDA and the Internet

In spite of NDA’s being so easy to have written up and implemented, a surprising number of today’s business owners fail to use them. In fact, the Internet is one place in particular where business people can benefit greatly from the use of the NDA.

Commercial Websites and the NDA

Suppose you have someone who is managing your websites. Whats to stop them from skimming valuable information that you use in your sites and take it elsewhere for their own benefit. Remember that even if your suites aren’t booming today one never can tell what the future will bring.

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