You may have heard of an NDA in the course of doing business, especially if you’re a business owner or high-level manager. Here’s what you should know about NDAs, how they can help protect your company’s important information, and what to do if someone within your company breaks or violates the NDA.
First, What Is an NDA?
An NDA, or non-disclosure agreement, is a legal document signed by two or more parties that binds each party to an obligation of privacy and compels the undersigned to keep important, secret information secure.
What Are NDAs Used For?
Non-disclosure agreements are relatively common for businesses, particua for partnerships and joint ventures. An NDA can protect proprietary information, like secret restaurant formulas, new product blueprints, or marketing strategies.
This means that the parties who agree to the NDA commit to not sharing this critical information with others, especially competitors who could use the data to appropriate products, services, or unique features that the business offers.
How Do NDAs Get Broken?
Unfortunately, NDAs can and do get broken. Sometimes this may be an accidental mistake, where a party lets something slip in conversation that they shouldn’t have.
That said, NDAs can also be broken purposely in an effort to damage the business and its owner. This sometimes occurs when an employee has been terminated and are looking to “get back at” the company that let them go.
What to Do If Your Business Partner Violates Your NDA
If you suspect that your business partner or someone else at your company has violated an NDA they signed, the first thing you should do is review the contract itself. Often, non-disclosure agreements include protocol and remedies for violations in the document itself.
Then, collect what evidence you can to trace how the information was released and who may have leaked it. Being able to prove your case beyond a shadow of a doubt can help you from being put on the hook for court costs and legal fees.
Get Help From an Experienced South Florida Business Litigation Attorney Today
A business partner or someone else you work with who has violated a non-disclosure agreement can be a significant hazard to your company and livelihood. Don’t wait to get experienced legal help with complex business litigation issues from an attorney you can trust.
Contact the reputable and dedicated attorneys at Feinstein & Malloy, LLC for a consultation by calling 973.635.4500.