A non-disclosure agreement (NDA) is your basic protection whenever you need to trust someone with valuable information about your business.
Several situations in business will require you to share private and confidential information with another individual or company. In order to ensure that the other party respects confidentiality, an NDA should be used.
Here are five situations where a non-disclosure agreement should be in place:
1. Discussing the sale or licensing of a product or technology.
2. When employees have access to confidential and proprietary information.
3. Presenting an offer to a potential partner or investor.
4. Receiving services from a company or individual that has access to sensitive information.
5. Sharing business information with a prospective buyer.