The name itself sounds so powerful: Non-Disclosure
Agreement. How could anything be disclosed without
repercussion if you have one of these? So you execute your NDA, and
voila -- you're all protected and can hand over the farm
without a worry. Not really. Before letting someone take free reign
into your facility for information, consider a few misconceptions
about NDA's:
1. My NDA is standard
Of course many NDA's have common clauses, but there are nuances
that can be added or removed that can have a big impact. Sometimes,
business owners will skip the dull parts like definitions, but how
information is defined will often vary between NDA's. A
definition that is too narrow can leave a business exposed to risk
of out-of-scope information being left unprotected. A definition
that is too broad can cause compliance headaches. Even a
well-tailored definition of information may not be enough. Look for
exceptions which can be riddled throughout an NDA, especially in
areas
