A non-disclosure agreement (more commonly referred to as an NDA) is a document that you may be asked to sign. In my businesses, where technology has been advancing quickly, I couldn’t have a conversation with a supplier or customer without signing one.
The idea is that you and the other party are signing a document that has penalties if either of you reveal the contents of your discussions (or the information you receive by doing business together) to someone else, a third party. But there are usually lots of get-out clauses, including that the information was already in the ‘public domain’.
I’ve never sued or been sued, nor know of anyone else who’s been sued for breaking the terms of an NDA. I’ve signed hundreds of NDAs, but realised that there is zero chance of winning if I sue someone for breach. The Internet has put paid to that. I also don’t want to waste my time and money.
With an NDA, all you need to do is make sure that the document is mutual – that the same rules apply to both parties. That makes it fair. Don’t spend lots of time trying to reword it – that’s a waste of your time. Then file it away and get on with the business.
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