Confidentiality is important to a lot of businesses, especially those who need to protect certain aspects and information from intruders. This means that NDA considerations commonly need to be made when two parties require the exchange of confidential information. The need for an NDA commonly comes about when visitors or contractors need to spend time at an organisation’s facilities where they are likely to come into contact with confidential information not known to the general public.
It’s important to understand what needs to be included in an NDA. As well as the processes for the collection and storage of them. We’re here to explore NDA considerations. So that you can make sure you have all of your bases covered when the time comes for your business.
What is an NDA?
NDA stands for Non-Disclosure Agreement. It is a confidentiality agreement that’s main goal is to protect the specified information that is shared between parties.
NDA’s are created by a lawyer for each of the transactions required between a business and another party. They are each customized to the discussion at hand and are signed by each party to protect anything that is confidential in nature.
It’s common for the signing of an NDA to be the first step in business contracts. As they seek to cover each of the complexities of their business transaction.
NDA Considerations: What should one include?
In order to make sure that you have covered all NDA considerations, you should ensure that the document includes each of the following elements.
Description of Purpose
The description of purpose in your NDA is important because it tells you about the specific reasons for the recipient that they may use the confidential information being discussed.
Without this, a recipient may use confidential information to their advantage in other ways.
Definition of Confidential Information
This is where you can clearly define exactly what it is you’re declaring as confidential. It’s important to be very specific in this section as a court could void the entire agreement if the information provided is too vague.
Specifications to Your Business
NDA’s are never a copy and paste type of document. They should always be tailored to your specific business.
Be as descriptive as possible without revealing too much about the information you want to protect through the NDA. If the description is too general, it will be difficult for the court to enforce the NDA.
What is Restricted Use?
The restricted use section of the NDA addresses issues such as the recipient actually being a company, or cases where the recipient will need to share the NDA with their lawyer for review.
Limiting the use of the information provided in your NDA is in your best interest, so you can use this section to properly define these limits.
Whoever the information is disclosed to by the recipient, should also sign an NDA agreeing to the same terms.
Term of Your Agreement
It will be important to be specific about how long the NDA will last. The term of your agreement section is where you will define this.
Generally, an NDA lasts longer than a given transaction or relationship. You will want to include a provision that states the disclosure must remain protected even after the deal has been closed or the business relationship ended.
Contracts Require Consideration
In order for the NDA to be valid, it will require consideration. Situations that would mean for consideration are the merging of companies, or if you’re to do something like offering employment in consideration for the employee.
New considerations may need to be made if certain scenarios require it.
NDA Considerations: Processes for collection and storage
Once you and your lawyer have gone through the NDA to make sure it meets all of the requirements, you will need to put a process in place for collection and storage.
Sine makes this process easy as visitors can sign the NDA as a part of their entry procedure. Any required documentation will be presented to them through their device as they are signing in at your facility. This process is easily completed either at or before entry.
Once the NDA has been signed through our contactless app, it can be securely stored within the cloud. You can access these records at any time and have peace of mind in knowing that they are only accessible to you.
NDA’s Signed and Stored with Ease
NDA’s are serious agreements between parties, but that doesn’t mean the process for collecting and storing them needs to be difficult. Sine makes it easy to collect the information you need right on your visitor’s device, and then helps you to store it securely.