Monday, August 27th, 2007...5:54 am
The Importance of Non-Disclosure Agreements (NDAs) / Confidentiality Agreements (CDAs)
People pursuing a new business concept on their own should quickly consider forming an LLC (Limited Liability Corporation) to prepare for that business and limit their liability. And even before that, it’s important to protect your proprietary information using Non-Disclosure Agreements (NDAs), also called Confidentiality Agreements (CDAs). These are agreements in which the other party agrees to keep confidential information secret for a period of time (typically 2 to 5 years) under certain stipulations. It is vital to use these as you talk with others about your business plans or invention, or you may find someone else marketing it.
IPWatchdog.com’s page on confidentiality agreements is a good place to read about NDAs and to see some great sample documents ready for you to use.