More than 3,500 confidentiality or non-disclosure
agreements are signed in Australia every day. Okay, we totally made
that number up but trust us, it's a lot.
NDAs are often exchanged when businesses need to share
commercially sensitive information to figure out whether they want
to work together. Start-ups ask potential investors to sign an NDA
to keep secret their business idea that will take over the world.
Procurement departments will demand a signed NDA from prospective
vendors before issuing EOIs, RFTs and RFPs.
They're used every day by businesses of all sizes, but are
NDAs actually good for anything? Here's what you need to
know:
- NDAs protect confidential information. If your
NDA doesn't properly identify the information you want to
protect, it's worthless. Don't assume your template NDA
covers everything. If you're planning to share customer data,
make sure the definition of confidential information in your NDA
refers specifically to customer data.
