It is always essential to protect certain business secrets otherwise the business may lose its unique proposition in the market or suffer other harm or disadvantage. A non-disclosure agreement (“NDA”) is in essence, a contract between two or more parties which outlines certain confidential material, knowledge, or information that the parties wish to share with one another for a particular purpose but which they wish to restrict access to by others outside their agreement.
Some employers may even require certain employees to sign an NDA before they start work, or during their employment from time to time. Similarly a non-compete agreement will prevent the receiving party from unfairly competing with the disclosing party due to the material, knowledge or information which that party has acquired as a result of the disclosure.
An NDA could give protection where one party may need to disclose confidential information such as formulas, recipes, sales and marketing information, trade secrets, technical designs and drawings, or other similar information which would give the other party an unfair advantage if they disclosed it to a third party or otherwise used it for other purposes. It is therefore prudent that an appropriate NDA is entered into before sensitive information is disclosed.
Our members at Mercantile Barristers are adept at advising on the necessity for protection and are skilled in crafting sound NDAs and non-compete agreements that protect our clients’ legal interests and are capable of withstanding judicial scrutiny or challenge. We can also review and amend your existing NDA or non-compete agreement to confirm its efficacy.
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