How long should a confidentiality agreement last?

The length of a confidentiality agreement should be determined by what a reasonable time frame is for the type of information that is being shared. If the length is too short, then you will not benefit from the maximum protection. If the confidentiality agreement is set for too long a period, then the other parties may be hesitant to sign it as it may interfere with future business plans. It is important to remember that a confidentiality agreement only covers information that is not yet publicly known. Meaning, if the information you are trying to protect will go public, the length of the agreement should only extend until this time.

What are the different types of confidentiality agreements?

Generally speaking, there are two types of confidentiality agreements: unilateral and mutual. A unilateral confidentiality agreement is used to only bind one party to keep confidential information. This type is usually used when only one party is disclosing information and the other party is receiving information, such as with a contractor, employee, or investor. A mutual confidentiality is used when all parties expect that they will share information. Situations where this is common are business mergers or collaborative sales efforts.

When should a confidentiality agreement be signed?

A confidentiality agreement should be executed as soon as possible. Since confidentiality agreements only govern information sharing between parties, no other obligations or contractual requirements are placed on any party. If a confidentiality agreement is executed early, you can avoid any unintentional disclosures and enter into talks knowing you are protected.

Can a confidentiality agreement have more than two parties?

Yes. It is very common for confidentiality agreements to have multiple parties when a business deal involves multiple contractors or when a party is using an agent.

What is a return clause?

Normally, information is transferred between parties. This could be shared files, access to computer systems, or work-product that have been created. A return clause stipulates that the receiving party will either return or destroy any of the information that they have received, ensuring that your proprietary information is protected.

Independent Contractor Confidentiality Agreement

An independent contractor confidentiality agreement protects proprietary business information by preventing contractors from disclosing that information to outsiders.

This agreement empowers the parties that sign it to freely discuss their ideas so that they may build successful business relationships without fear of losing their business opportunities.

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When should I use an independent contractor confidentiality agreement?

When sharing sensitive business information with contractors
When contractors have access to sensitive proprietary information
When pitching to possible investors or partners
When sharing or discussing non-public information

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How to complete your confidentiality agreement

Gather Information

Gather all the relevant information to complete your document. This may include party names, addresses, and confidential information that will be shared. It is advisable to determine what information may potentially be disclosed.

Complete the Agreement

Use the information you collected to complete your confidentiality agreement. You will be guided through each step, allowing you to customize your document to match your specific needs. The questions and information presented to you dynamically change depending upon your answers.

Review and Sign

It is important to read your agreement thoroughly to ensure the document is free of errors and omissions. After completing your agreement, all parties are required to sign the agreement to make it legally binding.

Distribute and Store Copies

At a minimum, all parties that sign the document should receive a copy once it is fully executed (everyone has signed). Be sure to store your copy in a safe location. It is a good idea to keep both a physical and electronic copy.

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