Deed in Lieu of Foreclosure or Cash for Keys

Why Loan Modifications usually Don’t Work

Problems with Mortgage Lenders & Foreclosure Avoidance

Cyber Risk-The New Product Darling of the P/C World

2011 Tax Changes 

The Need for a Legal Advisor on the Start Up of a New Business

Mortgage Foreclosure: Defenses and Settlement Prospects

Hiring a Lawyer to Handle Your Criminal Case, Felony or Criminal Appeal 

How to Make a Will: Wills, Living Trusts, Powers of Attorney and Living Wills

Children Need Their Fathers to have Civil Rights

Debt Settlement: Do You Need an Attorney to Negotiate a Debt 

Property Settlements in Divorce

Cost Savings in Adoption: The Adoption Tax Credit

Common Mistakes to Avoid When Going Through a Divorce

Handling a Contract Dispute or Collection Matter

Buying or Selling a Business in a Weak Economy

Creating a Corporation: Articles of Incorporation and Bylaws

 

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Using Confidentiality Agreements to Protect Proprietary Business Information

by Andrew J Thompson

A Confidentiality Agreement is created when a user (“Recipient”) agrees to preserve confidentiality relating to proprietary information ( “Confidential Information”) obtained from the owner of the Confidential Information.

There are many situations in which a Confidentiality Agreement may be useful. Think of an arrangement between a small, but growing manufacturing company, and a marketing or IT firm. The manufacturer is likely to have formulas, processes and other information it would like to share only with the companies it establishes relationships with to help grow its business further. Often the information relating to these processes and formulas is among the company’s most valuable assets.

A Confidentiality Agreement should make clear the relationship the parties have with each other. It should do this by identifying the line of business each party is engaged in and the purposes for which they have established their relationship.

The agreement should carefully identify the information that is expected to be held in confidence and the uses for which the recipient is permitted to use the information. It should be bounded in time and space as well as in purpose.

The agreement should typically make it clear that the recipient is being granted a limited license to use the information and that is the extent of the agreement. It’s a good idea to place limits around which employees of the recipient who may access or use the information as well.

The information owner may wish to provide for remedies in the event of a breach of confidentiality, including money damages, injunctive protection, attorneys’ fees and appropriate indemnifications.

Like nearly every agreement, a Confidentiality Agreement should be executed (signed) by all parties. The effective date will either be the date of execution or the date specified in the agreement itself.

Some good sources to visit on the web regarding Confidentiality Agreements are http://rocketlawyer.com and http://attorneypages.com. If you are looking for an attorney to help you draft or negotiate a Confidentiality Agreement, contact our offices today.