Non-Disclosure Agreement - Explained
What is a Non-Disclosure Agreement?
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What is a Non-Disclosure Agreement (NDA)?
A non-disclosure agreement is a legal contract that creates a confidential relationship between two or more parties. According to this contract, the information shared among these parties cannot be made available to any party other than the parties involved in this agreement. This is also called confidentiality agreement, confidential disclosure agreement or propriety information agreement.
How Does a Non-Disclosure Agreement Work?
NDA is a written contract signed by all the parties involved in order to make sure no information or knowledge covered under the agreement is revealed to a third party. A non-disclosure agreement is often signed by two companies engaged in a business transaction. This agreement makes sure the confidential information and knowledge about the business processes of the involved companies are not revealed in public. Employers may also want their employees to sign a non-disclosure agreement while the employee is hired for a job that has access to the sensitive information. By entering into this agreement, an employee agrees to keep this information secret and not to reveal it to anyone outside the company. A company may also ask individual contractors or vendors who have access to the company's trade secret, business innovation, or propriety software to sign a non-disclosure agreement. Signing a non-disclosure agreement is a common practice by many companies operating across different industries. The information covered under non-disclosure agreement includes marketing strategy, sales plan, manufacturing technique, existing or potential customer list, intellectual property, innovative ideas, and others. The parties involved in a non-disclosure agreement are legally obligated to follow the terms of the agreement, failing to do so may invite monetary fine. On such occasions, the other parties may legally challenge them in court and demand financial compensation for the damage. A non-disclosure agreement may have several elements according to the particular need, but typically an NDA must have six main components. Those components are the names and details of the parties involved, the definition of what constitutes a confidential information, exception from confidential information, the obligation of the parties, time period of the agreements validity and miscellaneous. At the beginning of an agreement, it must be defined who are the parties involved in the agreement. It should mention their names and addresses clearly. Following that there needs to be a section detailing what type of information is considered confidential in this agreement. This should be written in a way so that the actual information doesn't get revealed. Then there should be a section stating what are the exceptions from that confidentiality terms. The next section should clearly mention what are the obligations under that specific agreement. The time period of the agreement is required to be mentioned clearly at the end of the agreement. Also, any other information that may be deemed important should be included in a non-disclosure agreement. A non-disclosure agreement is a legal document, but it must be written in a straightforward easily understandable language for the ease of the parties involved.
- Intellectual Property Law (Intro)
- What is Intellectual Property?
- What is the purpose in granting intellectual property rights?
- What is required to capture or secure intellectual property rights?
- California Labor Code 2870
- What are Trade Secrets?
- Non-Disclosure Agreement
- Patents or patent rights?
- Letters Patent
- Primary types of patents?
- What Can I Patent?
- Requirements for a valid patent?
- Can your Invention be Patented?
- What is a Patentability Search?
- When is a Patentability Search Necessary?
- Why is a Patent Search Important?
- Requirements for a design patent?
- How to Do a Design Patent Search
- Cost of a Design Patent
- Requirements for a utility patent?
- Why Do You Need a Utility Patent?
- Plant Patent?
- Process for securing patent rights?
- Patent Search
- Basics of Doing a Patent Search
- 5 Rules for Effective Patent Searches
- What are Patent Databases?
- Tools for Patent Searches
- DIY Patent Search
- Understanding Patent Keyword Searches
- Patent Searches for Software
- Doing a European Patent Search
- WIPO Patent Search
- Cost of Doing a Patent Search
- Patent Search vs Patent Analysis
- Structure of a Patent
- Patent Filing Date
- Patent Attorney
- Do You Need a Patent Lawyer?
- Applying for Design patent
- Provisional Patent?
- Applying for Provisional Patent
- Doing a Provisional Patent Search
- How to Draw Up a Provisional Patent
- Converting a Provisional Patent to a Non-Provisional Patent
- What Does Patent Pending Mean?
- Process for enforcing ones patent rights?
- Patent Infringement
- Patent Troll
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- Types of trademark?
- Requirements to capture trademark rights?
- Distinctiveness requirement for a Trademark?
- Determining whether a trademark is sufficient distinctive?
- What is Federal Trademark Registration?
- Conducting Trademark Search
- Should I Conduct a Trademark Search?
- Trademark Application
- Drawing a Trademark
- Filing for federal trademark registration?
- Protections of trademark rights under state law?
- Primary reasons for rejecting a trademark application?
- Common trademark designations?
- Trademark infringement?
- Enforce trademark rights?
- Demonstrate infringement of a trademark?
What is a copyright?
- Digital Millennium Copyright Act or DMCA Explained
- Basics of Copyright Law
- What are the rights of a holder of a copyright?
- What are the elements of a copyright?
- How long is the period of copyright protection?
- What is the process for registering a copyright?
- Who may claim and secure copyright protection?
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- Public Domain Works
- Licensing Agreement
- End User License Agreement
- What is Fair Use of copyright?
- What is the First Sale Doctrine?
- What international protections exist for intellectual property rights?
- Paris Convention