Wednesday, December 30, 2009

Non-Disclosure Agreement - Safest Way in Securing Intellectual Property

Like every other assets, intellectual property is indeed a valuable asset, which needs protection and security. One needs to protect IP while utilizing it to its full potential. Lets face it. You cannot just lock your intellectual ideas at one of the safest corners, away from your business partners, who in turn can make it a success so some way or other. To utilize your intellectual property you also need to share it with prospective people who can fetch you profit. You can protect your IP in several ways while sharing it with others and one such way is signing a non-disclosure agreement.

The non-disclosure agreement also known as the confidentiality agreement, allows you in sharing your intellectual property with others, whose inputs are necessary to fetch you profit however, without unjustifiably risking the information. For example, if you have an innovative idea but you need to consult an expert to have further knowledge in order to develop it more an appropriate this agreement or NDA can ensure you the peace of mind. Precisely, it is the non-disclosure agreement that actually supports in keeping the confidentiality of your IP between you and the expert.

This agreement is like a confidentiality agreement between you and the other party where you agree to unveil certain information to them for a specific purpose. It is somewhat a legal form where they also agree to not reveal your IP information to anyone else.

Why you need the non-disclosure agreement

In the strict sense, you are eligible to use the agreement when you decide to share your intellectual property with an expert whose help you need to develop it further and at the same time you do not want him to pass your IP to others. Non-disclosure agreement is thus more like a partnership agreement between you and your advisor to ensure safety to your IP.

You need this employment agreement for the following purposes:

It might happen that you have developed a prototype of a new widget. Prior deciding to produce it at a large scale you need to have a cost estimate. It is then the agreement will come handy to protect your innovative idea/product.
You have developed a new business model and you need someone to venture funding on it or perhaps want to respond to a confidential RFP. In both the cases you have to share your IP with a n expert whose expertise you can hire provided you sign a non disclosure agreement to keep your IP safe and secure.

As any other legal document before signing this agreement seek help of a legal professional.

For more information flip through the pages of

Non Disclosure Agreement

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