A confidentiality agreement can be used to protect sensitive information which is being disclosed to other people. They are also known as Non Disclosure Agreements.
A confidentiality agreement can cover and protect a wide range of information: verbal, written, pictures, ideas, designs and is not limited to discussions. Confidentiality may need to be considered in employment situations to protect trade secrets or other sensitive information that an organisation would not want disseminated to the public or when a third party is dealing with client information. Another common use for such agreements is when a person or a company has a new idea they want to discuss with others in order to employ contractors to develop the idea, but want it to remain confidential. This also may occur during discussions with prospective investors, joint venture partners or financiers.
You would, in the above examples, need to ensure your idea and information was not used, copied or let out into the public domain either in whole or in part, in any form or manner. Not only are new ideas communicated in this type of situation, but so are trade secrets and designs, making a confidentiality agreement in these types of dealings and discussions essential.
A confidentiality agreement does not necessarily compensate you if your idea or design is leaked into the public domain but if a person or company signs such an agreement, you at least have recourse if any information is then divulged and by signing the agreement, it re-enforces the importance of the information that is being received and may dissuade any potential breach. If information is used or made public, for example, the person responsible will be liable for the consequences and all losses that may flow from any breach but in many cases, the compensation may not equivalent to the loss of the idea or information. You need to ensure that your agreement is strong and makes clear the "potential" losses that may be suffered so that you may be compensated adequately.
The nature of the information and any work being done will determine the appropriate terms for each confidentiality agreement; in many cases the information will be kept confidential indefinitely and confidentiality agreements involving employment last beyond the term of the employment.
Irrespective of your circumstances and how important your information may be, it is likely at some stage in your everyday life that you will need some form of confidentiality agreement or arrangement. This is a simple and cost effective method of managing and protecting yourself and your information.
Want to know more? Click here for Free information on Confidentiality Agreement. Australian legal agreements and forms from http://www.legal123.com.au/.
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