What is a confidentiality agreement or 'NDA'?

Trade secrets or intellectual property can be the most precious asset that a company owns. It is vitally important to protect this information from exploitation by other companies. But commercial partnerships are also important to develop new services and products. A company and commercial solicitor can draft an NDA and take action to enforce it if necessary. Businesses should always seek legal advice from a company and commercial solicitor before sharing sensitive or valuable information with competitors.

An NDA can also be used with your suppliers or businesses in your supply chain, including end retailers, to allow you to give them advanced previews of new products or services and not have them leak this information to the press or your competitors. Many companies also insist that members of the press sign an NDA before they are given advanced samples or prototypes they want to review in their magazines or newspapers. Businesses should consult a company and commercial solicitor to ensure these NDAs are in place.

It is important to be aware of how NDAs could impact your businesses relationship and ability to work with public bodies. As public bodies are subject to the Freedom of Information Act 2000, they could be compelled to reveal information including your business’s intellectual property, even though the public body you are working with has signed an NDA. In these situations, contact a company and commercial solicitor for legal advice as soon as possible.

There are also specific types of NDA that apply to certain scenarios. Employee NDAs exist to protect a business from existing or ex-employees revealing sensitive information to competitors. Precedent confidentiality agreements are used when mergers and acquisitions take place. In addition, NDAs can be one-way where only one business is privy to sensitive information, or two-way where both companies share sensitive information.

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