Empower Your Business with Customer service and management in NDAs

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what is an nda a non-disclosure agreement let's get to it right here right now stay tuned [Music] hey guys i'm rob tatro from robtro.com senior portfolio manager at can genuity wealth management and the tacho wealth advisor group today we're talking about a non-disclosure agreement when it's used what it does and what your rights are around it if you'd like to book a chat to talk about this or anything else that's on your mind please go to .speaktheraw.com we'd love to book an obligation consultation to chat with you about your investments your portfolio your retirement plan whatever it may be all right guys a non-disclosure agreement an nda so it's a legally binding contract that guarantees or assures confidentiality between two parties the parties agreeing to the non-disclosure agreement are signing off that they are sharing personal and confidential information and they do not want that information shared with anyone both parties agree that they will not share that information with anyone else an nda can also be referred to as a confidentiality agreement ndas are super common when you're entering into a business agreement with someone or you're contemplating purchasing an asset or you're contemplating selling or sometimes even through a job you might have an nda so it's common situation where you're finding out confidential information about the other party and you want to make sure that that information does not get out now remember there can be two types of ndas first off is a non-mutual agreement this typically applies to a new employee if they have access to sensitive information about the company in that case the employee is the only party signing the agreement and they are prevented from sharing that confidential information so in consideration for that they get a salary or they get a job and me as the employee i cannot divulge any of the secrets the trade secrets the information that i gathered or have learned on my job so what are the big advantages of an nda clearly the confidentiality is one so if you have sensitive information regarding your company you know r d or patents or finances or negotiation signing an nda or having the other party sign an nda is an extremely good way to protect that private information from becoming public and these are also quite clear so they specify exactly what can be disclosed to avoid confusion they can be created at a low cost and they're really just a signed piece of paper it's one of the most cost effective ways to maintain private information at the end of the day the nda is not going to prevent physically prevent that individual from sharing you're not going to be able to go to the police and say arrest that person your remedy would be a breach of contract and you'd have to pursue that person you have to sue them you'd have to litigate to try to get as many dollars as you can from that person for breaching your agreement but it does scare individuals enough that they typically won't share or at least they'll think twice before sharing confidential information one of the disadvantage of an nda is that it starts the relationship the first foot in the relationship with a little bit of fear right a mistrust it's kind of like a cohabitation agreement or or a prenuptial agreement it kind of sets the tone early on in the relationship that we might not be together forever we might have problems down the line therefore i need to put this in place now now for most businesses they understand individuals business they understand it is part of life and it's part of business but it can be a disadvantage for certain individuals oftentimes ndas can last anywhere from one year to 10 years the time frame is typically put into the non-disclosure agreement and if it isn't sometimes the nda can be indefinite now where do you get an nda you can often find some half decent ones online some templates or you can go to your local barrister solicitor your lawyer and try to find one typically they could draft you something for a few thousand dollars remember an nda is a low-cost document that's created to be legally binding and it's between two or more parties and it ensures that confidential information remains private the information that you don't want to leave the confines of that discussion shouldn't leave you don't have a legal recourse other than suing that individual if ever they do breach the nda but it still gives you a little bit of of confidence that that the information will remain confidential make sure to keep your ndas as clean as possible and as detailed as possible with respect to what is and what isn't a trade secret what's confidential for how long etc and which parts of the conversation and the details are meant to be private and which ones can be disclosed hey guys remember i'm not a practicing lawyer although i did practice law in the past do not take this as legal advice i am an inactive lawyer currently and this is not legal advice if you're thinking of getting an nda and you don't know what to do talk to a practicing lawyer at a local firm and they'll be happy to give you a hand to draft one of these thanks for tuning in don't forget to subscribe like and follow uh i'm rob tedrow from rob teacher.com portfolio manager here at canada genuity wealth management and the teacher wealth advisor group if you'd like to book a new obligation consultation go to .speakthrough.com be happy to chat about this or anything else in your investment world or maybe your retirement planning thanks so much for tuning in we'll see you in the next video you