An NDA can provide an element of protection for your confidential information and trade secrets if the prospective buyer pulls out of the deal. If a company wants to buy your business, it will want to look at your books and assets. A precedent confidentiality agreement is used for mergers and acquisitions.You should also ensure that the NDA makes provision for when the employee leaves your business. However it is best to get this in writing and to specify to the employee exactly what is confidential. Employees are under an implied duty not to use trade secrets in a manner that will harm your business. formalise a relationship, eg between an employer and employeeĬurrent and former employees are responsible for most breaches of confidentiality.share commercial or trading information.Non-disclosure agreements (NDAs) can be tailored to your requirements. This minimises the risk of breaches of confidentiality. Have a clear idea beforehand of what you want to share with potential business partners and stick to it. This gives anyone the right of access to information held by public authorities. Any information that you might provide may be disclosed under the terms of the Freedom of Information (Scotland) Act 2002. It is valuable only as long as it remains secret or confidential.Ĭarefully consider NDAs between you and public bodies.

Information qualifies as a trade secret or confidential when it is not known in the public domain.

trade secrets - eg a formula, programme or process.

You can also use these agreements with your employees and journalists to whom you want to give a 'sneak preview' of financial, technical or new product information. An NDA can ensure that your partner does not pass details of your idea to one of your competitors.

This allows you to share your trade secrets with business partners while preventing them from passing this information on.įor example, you may have come up with a product design and need to get an estimate from a manufacturer of how much it will cost to make.

Typically, you agree to disclose information to them for a specific purpose, while they agree not to disclose that information to anyone else. A non-disclosure agreement (NDA), also known as a confidentiality agreement, is a low-cost way to protect your business' ideas.Īn NDA is a legal contract between you and another party.

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