How long should a non-disclosure last?

The length of a non-disclosure agreement (NDA) should be determined by what a reasonable time frame is for the type of information that is being shared. If the NDA is too short, then you will not benefit from the maximum protection. If the NDA is set for too long a period, the other parties may be hesitant to sign it as it may interfere with future business plans. It is important to remember that an NDA 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 NDA should only extend until this time.

What are the different types of non-disclosure agreements?

Generally speaking, there are two types of non-disclosure agreements: unilateral and mutual. A unilateral NDA 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 NDA 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 an NDA be put in place?

An NDA should be executed as soon as possible. Since an NDA only governs information sharing between parties, no other obligations or contractual requirements are placed on any party. If an NDA is executed early, you can avoid any unintentional disclosures and enter into talks knowing you are protected.

Can a non-disclosure agreement have more than two parties?

Yes. It is very common for NDAs 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 Non-Disclosure Agreement

An independent contractor non-disclosure 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 NDA?

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 non-disclosure 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.

Answer Key Questions

Use the information you collected to complete your non-disclosure 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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