When creating a NDA it might be tempting to avoid legal fees and download the first free online template you find. However, creating legal documents without prior legal expertise can be risky. Is the template up-to-date? Does it provide sufficient protection? Is it even valid for your jurisdiction or specific use case? In this article, Legislate will provide a better way to create your Non-Disclosure agreements online on no legal budget.
What is a Non-Disclosure agreement (NDA)?
A Non-Disclosure agreement, also known as a confidentiality agreement is an important type of legal contract which allows a disclosing party to share confidential information to a receiving party for a specific purpose. In exchange, the receiving party must protect the confidential information for an agreed time period and not disclose it or use it for their personal gain without the discloser's written consent. A breach of contract will occur if the receiving party discloses the confidential within the term of the NDA and the disclosing party will be able to seek injunctive relief and damages from them.
What type of confidential information can be protected with an NDA?
Any information which is not already in the public domain can be protected by a confidentiality agreement. This means sensitive information ahead of a potential merger or joint venture, proprietary information about a new product, intellectual property, financial information, customer lists, trade secrets, subject matter expertise and know-how are types of information which can be protected by a Non-Disclosure agreement.
What are the key terms of an NDA?
There are a number key clauses in an NDA which need to be included to provide the disclosing party with sufficient protection. Below are some you need to include:
- Who are the parties entering into the NDA agreement?
- What is the type of NDA? is it a mutual NDA or a unilateral NDA?
- What is included in the definition of confidential information? Are there any exclusions?
- When is the effective date of the NDA and how long is the confidentiality term?
- Include a survivorship and injunctive relief clause
Curious about automated data extraction from documents?
The best way to create your Non-Disclosure Agreement online
Legislate helps you create a lawyer-approved Non-Disclosure agreement online in minutes and on no legal budget. To get started, complete the following steps:
- Sign up to Legislate
- Click on create a contract
- Select Non-Disclosure agreement from the list of available contracts
- Answer simple questions about the NDA such as its purpose and term so that you have sufficient protection
- Choose a simple pricing plan or pay as you go starting at £9.95 per agreement to preview the contract and invite parties for electronic signature.
Legislate's Non-Disclosure agreement can be tailored to a mutual or one way NDA by simply selecting the type of NDA you are creating!
What else can you do with Legislate?
Legislate is an easy-to-use contract management platform which offers standardised legal documents which you can tailor on your own by answering simple questions. Legislate allows you to streamline your contracts whilst offering a professional experience. Moreover, with Legislate you can access key contract statistics in real-time. To get started, read a tutorial, book a demo or sign up to Legislate now!
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.