No, then your business could be in trouble. A Nondisclosure Agreement “NDA” can be indispensable. It can protect your idea, business plan, marketing plan, and other proprietary information that you do not need to disclose. Your suppliers, distributors, employees, and other key relationships could use the information to harm your business by starting a competing business or provide the information to an already established competitor. An NDA will prohibit both disclosure and use of the proprietary information and will provide for equitable relief in the form of an injunction.
Your business may not ever need to enforce the NDA, but I would rather have it and not need it than need it and not have it. Here at King Law, we are starting a service providing businesses with basic legal documents for a monthly fee. All you will need to do is answer a few questions, and you will have your document. Be one of the first to sign up for beta access.
Benjamin F. King
My goal is to bring issues that are often over looked. But, this blog is not legal advice it is only for general information. Each situation is fact specific.