When it comes to protecting your invaluable information, or business dealings, you may need a Confidentiality Agreements to enforce the confidentiality of the information between parties involved. The beauty is that Confidentiality Agreements can be drafted using a Confidentiality Agreement form, or a Confidentiality Agreement template that can be found on the internet or generated by the parties involved. So, are you wondering why you need this agreement in the first place? Well, this article will you why whilst also telling you where you can get free confidentiality agreement forms and templates.
Part 1 An Overview Introduction to Confidentiality Agreement
A confidentiality agreement is also called a non-disclosure agreement or NDA. The Confidentiality Agreement is simply a contract between two or more parties where each party promises to keep every conveyed information as secrecy. The agreement can be a Mutual Agreement where both parties are obliged to maintain secrecy. It can also be a unilateral agreement where only the receiving party is obligated to maintain secrecy.
They are also very useful when both sides are dealing with confidential information such as in the case of inventor groups. Unilateral confidentiality agreements are most common in the investing arena, and they occur when a single party is giving sensitive information, maybe to a potential investor or prospective licensee.
You can use the confidentiality confident to protect any information that is not known. When you create a confidential agreement, you create a confidential relationship. The secret relationship can be established both in writing and orally.
While a confidentiality confidence can be both in writing and orally, you should not rely on an oral Non-disclosure Agreement. An oral agreement is hard to prove since you cannot show any actions that showed the existence of such agreement. It is advisable therefore to keep all confidential agreements in writing.
Part 2 The Best Tool to Sign Confidentiality Agreement
Now that you know a thing or two about confidentiality agreements, how then do you sign these agreements? If your agreements are in digital formats, you will need a very good e-signature service to do this. Keeping this in mind, SignX is one of the best tools to sign a Confidentiality Agreement.
The application provides a fast and easy way of signing your document, and the good thing is that you do not have to go looking for other signers, you can send the document via email for them to sign. The program has various powerful features such as a simplified document management, the encryption and password protection feature, seamless document editing, the real-time notifications, the availability of a centralized dashboard, the factor authentication, optimized workflow, and the availability of pixel perfect signatures.
- The interface is straightforward and simple.
- Alerts are sent every time your document is read, opened or signed.
- You can monitor your documents in a centralized board.
- You can secure your documents with a two-factor authentication.
- You can protect important documents with a special encryption and passwords.
- You can create and store reusable templates that can be personalized for an individual recipient.
- You can manage multiple users in your admin account.
Part 3 The Reasons to Use Confidentiality Agreements
Generally, a confidentiality agreement helps in keeping secrecy between the involved parties thus restricting the sharing of sensitive or critical information to other third parties. Any idea created by any company is proprietary, and it can be misused without a confidentiality agreement.
The confidentiality agreement also prevents people from sharing information with other competitors who could use the information for their benefit.
It is also important during negotiations for the sale of a business where the vendor lets the prospective buyer to investigate the financial accounts of the enterprise and other sensitive business data. The Confidentiality Agreement, therefore, will help protect the information in case the customer does not buy the business.
During a partnership or joint venture, you will need a non-disclosure Agreement since you may be required to share details about your business as a way of establishing the financial viability of joining forces.
When you have a new business idea, a Confidentiality Agreement is necessary especially when you will be approaching people for technical assistance, partnership opportunity or financial banking.
