Confidentiality is key in many business operations and transactions. This is mainly because people are in business because they have a unique offering to the market or they are handling sensitive data related to customers. They are bound to suffer huge losses if some of their vital information such as trade secrets, email lists, financials, etc. fall into the hands of unauthorized persons such as their business competitors.
However, in the course of running a business, the owners cannot help but share of this vital knowledge with some people. Such people include; employees, suppliers, consultants, etc. It is, therefore, important to have them sign a Non-Disclosure Agreement that binds to not disclose any confidential information they may have come across.
In this guide, we look at what an NDA entails, how to write an effective one and how to handle a breach of confidentiality.