Boost Your Business with the Ultimate Lead Nurturing Program in NDAs

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Have you ever wondered how NDA contract works or a nondisclosure agreement? Well stick around and I'll tell you. Hi everyone, Simon here from The Contract Company. Contracts, that's what we do, all day, everyday and sometimes overnight. lucky us' So, what is an NDA? Well an NDA is a contractual agreement where one party agrees not to disclose the information that is disclosed under that agreement. I'll break it down even more for you. You sign two parties with more signed an NDA in that document they basically say we are going to give you certain confidential information such as pricing information, information about software, information about an idea, something like that and ing to the terms of the contract we both agree or all the parties to the contract agree that the information is disclosed or conveyed will be kept a secret. Usually you put a time limitation on that of say seven years so after seven years any information disclosed under the agreement is no longer protected by the agreement. But you can go longer. You also have other carve-outs in there like public domain, meaning if that information gets into the public domain and not through that contract being breached but from some other means then the NDA comes to an end and the information disclosed under it is no longer kept confidential. So that's an NDA that's how they work. Probably best to actually do an NDA as a deed, not a contract that is because then you don't have to worry about any consideration flowing between the parties, because deeds don't need consideration. The only issues with deeds is that you need to make sure they are appropriately sorry they are appropriately executed or signed because if you don't sign them properly they do not come into existence. Which means they're dead which means any information you disclose under them is not protected. So deeds are better as long as you get them right that's the takeaway. There I hope that helps you have any questions or queries please give us a call or send us an email 1-800-355-455 simon@contractcompany.com.au thank you!