You’ve come up with this really great idea. Not thinking anything bad will happen, you share that idea with a colleague or potential investor. They then steal your idea and run with it. Now you’re out of luck and can’t do anything to prove it was your idea….
Or maybe you hire an employee and they get the idea of starting their own business so they quit and take with them all of their accounts….
Both of these scenarios could have been avoided if you had a Non-Disclosure Agreement.
First, what is a Non-Disclosure Agreement?
Simply put, a non-disclosure agreement is a legal contract between at least two parties where any information that is shared between those parties is shared in confidence and the individuals won’t steal the information or use it without your approval.
So, when would it make sense to have a Non-Disclosure Agreement?
- When you’re sharing an invention or business idea with an individual who may be a potential partner or investor.
- Sharing with a prospective buyer a new product.
- Giving employees access to confidential information of your business.
How can you go about getting a Non-Disclosure Agreement?
Each situation for a Non-Disclosure Agreement is different, which is where we come into play. At Sher & Associates, we can help you draft one that makes the most sense for your needs. Contact us today to discuss your needs.
Now while you may think you don’t need one, think of this one scenario. If the Winklevoss twins would have made Mark Zuckerberg sign one, Facebook would be owned by different people. When they shared their idea with Mark, they didn’t think he would go and steal the idea from them! So before you start sharing your ideas with just anyone, consider a Non-Disclosure Agreement!
Sher & Associates, P.C. is a law firm located in Kutztown that can assist you in any of the following areas: business law, real estate law, and estate planning. We assist many individuals, businesses and families in and around Fleetwood, Blandon, Topton, Hamburg and Oley.
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