What are the most important elements of confidentiality agreements? Choosing to use a confidentiality agreement in your business is a good course of action. There are several different components of a confidentiality agreement. There are numerous reasons why you may wish to protect some element of your business with a confidentiality agreement. With all the hard work you have put into establishing and growing your company, a confidentiality agreement may be the cornerstone of how you protect the information and relationships so crucial for your success.
What to Consider in Drafting a Confidentiality Agreement
Your primary concern should be whether or not this document is seen as legally valid in the event that the other party breaches the terms laid inside the agreement. Consulting with an Arizona business attorney to discuss litigation may be one of your options for resolving a conflict when another party has breached a confidentiality agreement.
The most important elements of confidentiality agreements are:
The term length of the agreement
The scope of the obligations in terms of confidentiality
Determining what is confidential
Proper identification of the parties
Any exclusions from confidential treatment
Can I Create It Myself?
A knowledgeable business attorney can help you put together a document like this. As with all types of contracts and agreements, the proper wording of this document and ensuring that it is valid and signed by all stakeholder parties is critical. Having an agreement in place can help to minimize the chances of legal disputes in the future. In the event that a legal dispute does emerge between you and the other party who signed the confidentiality agreement, the document may be the primary source of determining whether or not there is a legal claim and whether you’re owed damages.
Why the Contract Matters for Litigation Purposes
The judge in a business litigation case is likely to review the contract in full in order to determine whether it is legally valid and whether or not you are entitled to receive any damages as a result of the other party’s breach of the confidentiality agreement. Consulting with a knowledgeable attorney in the event that a dispute arises is the best course of action you can take if you believe that you need to move forward with a legal claim. Do not hesitate to consult with an Arizona business litigation attorney as soon as possible if you find yourself in this situation.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding The Most Important Elements of Confidentiality Agreements, or any other litigation matter, please feel free to contact us at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.