A Non-disclosure Agreement (NDA) is a legally binding contract that establishes a confidential relationship between parties. It restricts the sharing or disclosure of sensitive information - such as trade secrets, business strategies, or proprietary data - to unauthorized individuals or competitors. NDAs protect a company’s intellectual property and maintain competitive advantage.
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Key Facts
- Purpose: Protects confidential and proprietary information from being disclosed.
- Types: Can be mutual (both parties) or unilateral (one party discloses to another).
- Scope: Specifies what information is confidential and the obligations of parties.
- Duration: Defines how long confidentiality must be maintained, which can extend beyond employment.
- Legal Enforcement: Breach of an NDA can lead to legal penalties, including injunctions and damages.
1. What is an NDA used for?
To legally protect sensitive information from being shared outside authorized parties.
2. Who typically signs an NDA?
Employees, contractors, business partners, or anyone with access to confidential information.
3. How long does an NDA last?
Duration varies but often extends several years after the end of the agreement or employment.
4. Can an NDA prevent me from speaking about illegal activities?
No, NDAs cannot legally prevent reporting of unlawful conduct.
5. What happens if someone breaks an NDA?
They may face legal consequences, including lawsuits and financial damages.
Make sure your company is compliant
Say goodbye to outdated spreadsheets and hello to centralized credential management. Avoid fines and late penalties by managing your employee certifications with Expiration Reminder.
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