Non-Disclosure Agreement Updates
As a business asset, the trade secret or, more broadly, confidential information, is a valuable one. Keeping key information confidential can be a make or break issue when it comes to R&D and keeping your competitive edge.
Important though it may be to keep this valuable information under wraps, there will inevitably be occasions where it is necessary to share it with another party. A Non-Disclosure Agreement or “NDA” is designed for just such a situation and can thus be a very useful business tool in a variety of contexts.
Here at Simply-Docs, we have now updated our standard Non-Disclosure Agreement templates, making them more detailed, clearer, and more protective over that all-important confidential information. Among the key updates are new provisions covering data storage and security (both for hardcopy information and electronic data), and provisions to deal with cases where the information to be shared incorporates personal data (as defined by the Data Protection Act 1998). Further improvements can be found in the area of liability and indemnity, the provisions for which have been made clearer.
All New NDA Amendment Agreement
Once the NDA is up and running, there may be certain situations in which it is either necessary or desirable to lift the obligations of confidentiality with respect to certain of the confidential information. This may occur because the disclosing party wishes it; or it may be the case that the information has simply entered into the public domain.
In such circumstances, best practice dictates that the change in status is formalized. Our new NDA Amendment Agreement is designed for that very purpose. Acting as a supplemental agreement to the original Non-Disclosure Agreement, the amendment agreement amends and adds certain provisions to it, carving out a new category of information, the “Non-Confidential Information”, covering information which is no longer to be regarded as confidential. Options within the NDA Amendment Agreement enable it to be used with either of our standard NDAs and include flexible provisions addressing the retention (or not) of proprietary rights over the information and personal data protection obligations among others.
For more information on our new and updated confidentiality and non-disclosure documents, click on the links to the right. The importance of protecting your valuable business information cannot be overstated, so don’t delay – update your NDAs today!
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.