Is sensitive company information adequately protected?
Do you need a non-disclosure agreement?
The release of your commercial details could harm your interests if others use them to compete with you, copy your ideas and methods or circulate sensitive information without your knowledge. Legislation limits the unauthorised use or disclosure of certain information but, in many situations, this will not provide you with sufficient protection.
Disclosing confidential business information to others may be unavoidable in order to achieve your commercial aims, such as when negotiating with prospective investors or considering the sale of your company.
Confidentiality agreements are commonly used during the process of developing an invention or a new idea, where it is always essential to keep the details secret from competitors before obtaining a patent or design registration. Yet, at the same time, you may need to divulge an extensive amount of information in seeking support to take your initiative forward.
A confidentiality agreement, sometimes called a ‘non-disclosure agreement’, can help you control the use of private information that you release to others. This is a formal legal document that defines your information and requires the recipient to keep it confidential, except under specified circumstances.
The solicitors at Myers & Co can help you to prepare a confidentiality agreement that is specific to your business and the particular circumstances.
If you receive confidential information, you may also be asked to enter into a mutual agreement. This will mean that you will each have to abide by similar obligations.
If you are concerned about protection of the company information that is handled by your staff, then our employment team can advise you regarding restrictive covenants.
Based in Stoke-on-Trent, Staffordshire, our specialist team has helped a wide range of businesses to protect sensitive company information. For further advice contact Myers & Co Solicitors on 01782 577000.
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