Manage business contacts in NDAs

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so an mda stands for a non-disclosure agreement it's a contract between some parties where they all agree that they will not disclose information that they believe is confidential information so the sort of information that you want to keep private and that you don't want anybody else to know unless certain conditions are fulfilled [Music] ndas are really important when it comes to guarding secrets or private information that if it's leaked could cause damage to the business or the individual that that confidentiality agreement that non-disclosure agreement is set up to protect so really important that you take nda seriously but again it's all down to the subject of that agreement and just how sensitive it would be if that information was to leak so some businesses don't actually need a non-disclosure agreement because they've already covered off confidentiality in their terms and conditions of business which is often you know more than enough to cover the type of information that they're disclosing during the relationship with the individual or the organization that they have that contract in place with so that's one example another would be the fact that a lot of businesses that use ndas particularly those businesses that draft their own they often get lost in the detail they don't accurately and clearly define what is meant by confidential information that's one of the most fundamental parts of the non-disclosure agreement really clearly defining what you mean and what's intended with confidential information and the way that it should be handled and having a sensible expiry and duration of that confidential information and then lastly the other key area where we see a lot of businesses struggle is actually having an accurate central register of the non-disclosure agreements that you've issued so actually keeping a log of it because once you've signed it it's quite easy to forget a year later that you've actually signed up to that agreement and if you're binding the business and not yourself as the individual the risks there is if people change jobs and leave it's making sure that those that are staying with the business are aware of the obligations that the company is obliged to fulfill for a certain period of time and all of that can be solved by having a nice central register a record of the ndas that you've signed up to who is between and the expiry and making sure everyone is aware of that making sure it's accurate is key um templates will go really only so far a template will require the user iu to actually fill out the information accurately and that's where you know some businesses will just be quite blase they'll just type in fairly generic information that they would regard as confidential and not really think a lot about what happens once it's signed actually you know do you know what you've committed yourself to does the rest of the business know and understand the implications if you have conversations or if you do certain things around this confidential information how are you communicating that to your team so they're on board with it those are some examples really of where it can go wrong by doing it yourself so having a well-drafted non-disclosure agreement in place can really benefit all of the parties concerned it's often the very start of a relationship where you'll sign up to a non-disclosure agreement just to build trust and confidence with a new party or a new person that you've not done business with before and the same for them it gives them the confidence to open up about their business or their particular circumstances with the ease of knowing that that contract is there to protect them in the event that that information is leaked and in a world today where technology and the way that we can share private information is so raft uh ndas have really got a key place now to protect and safeguard really our private sensitive information so when used properly and a big caveat there when used properly it can be very powerful and it can give you confidence [Music] so if you'd like to learn more please feel free to visit hybridlegal.com or drop us an email at hy hybridlegal.com uk or give us a call on 0-333-014-4568 or alternatively if you'd like to speak to me just connect with me on linkedin it's ryan lisk just mention when you connect with me that you've watched one of these videos and we can catch up from there [Music]