Businesses require a variety of tools to remain successful. One of, if not the most important for a business’s long-term prosperity is its intellectual property. When starting your dream company, you may be doing so because you have ideas that can make you stand out in a competitive market.
However, when getting started, you may be working with third-parties who you’ll have to relay sensitive information to. If that’s the case, you could run the risk of your ideas getting into the hands of competitors. Sadly, this could put your business in financial ruin if you’re not careful.
However, there are ways those looking to start a business can protect their intellectual property while still giving information to outside entities.
One of the most effective ways business owners can protect their intellectual property is through implementing a non-disclosure or confidentiality agreement.
Owners can have others they work with legally agree not to release any information about the company without your permission. For example, an entrepreneur may want to have venture capitalists sign an NDA if they don’t want them to steal their idea for a new craft brewery.
What should I include in my NDA?
These are a few examples of provisions that could be helpful:
- Definitions of what information is and is not confidential.
- The obligation of confidentiality of the receiving party.
- The specific terms of the agreement.
- Level of obligation help by each party within the agreement.
- Penalties third parties could face for violating the agreement.
You deserve to protect your ideas
In a crowded business market like Portland, entrepreneurs need to make sure their intellectual property gets protected from their competitors. For drafting a robust and concise agreement, a business law attorney can address their client’s wishes and get their requests in writing.