
Donald M. Pepe
Partner
732-568-8370 dpepe@sh-law.comFirm Insights
Author: Donald M. Pepe
Date: February 5, 2013
Partner
732-568-8370 dpepe@sh-law.comAt the same time, it is often necessary to share such information to further business goals. The use of a nondisclosure agreements or nondisclosure clauses (“NDA”s) is one of the best ways to shield such information assets from unintended disclosure.
During business negotiations, nondisclosure agreements can be invaluable. While you may be confident that the deal is going to close, negotiations do not always go as planned. Therefore, it is imperative to make sure that the other party does not walk away with your confidential information.
Through a nondisclosure agreement or clause, businesses can go along way toward ensuring that their information stays confidential. In cases where information is wrongfully shared or misused, nondisclosure agreements should provide legal recourse, including at a minimum the ability to petition the court for an injunction to prevent further disclosure. Stipulating liquidated damages or providing for the recovery of legal fees might also be appropriate where an injunction would be as affective as closing the barn door once the horse, or in this case the secret, is already out.
At the most basic level, a nondisclosure agreement is a contract. The parties exchange mutual promises, on the one hand to release the confidential information and on the other the promise to protect the confidentiality of the information disclosed.
Nondisclosure agreements are not “one size fits all,” but below are some basic elements that should be considered and addressed in drafting NDAs:
If you have any questions about how to best protect your confidential business information or need assistance drafting a nondisclosure agreement, please contact me, Donald Pepe, or the Scarinci Hollenbeck attorney with whom you work.
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