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Non-Disclosure and Confidentiality
Written by: Ian MacleodArticle Overview: Suppose you are just getting to bed. All the day’s activities and tomorrow’s plans have finally managed to settle down to the point where you are almost able to fall asleep. Then it suddenly hits you: The single greatest idea since the invention of ideas! You get that flash of inspiration you know will turn your life on its ear and revolutionise the world. Congratulations! But now what? If your idea is half as great as you believe it is, how can you talk about it to someone and be sure they are not going to steal it for themselves? The answer is simple: you need a Confidentiality Agreement.
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Non-Disclosure and Confidentiality
Suppose you are just getting to bed. All the day’s activities and tomorrow’s plans have finally managed to settle down to the point where you are almost able to fall asleep. Then it suddenly hits you: The single greatest idea since the invention of ideas! You get that flash of inspiration you know will turn your life on its ear and revolutionise the world. Congratulations! But now what? If your idea is half as great as you believe it is, how can you talk about it to someone and be sure they are not going to steal it for themselves? The answer is simple: you need a Confidentiality Agreement.
* WHAT IS A MUTUAL CONFIDENTIALITY AGREEMENT? Put simply, a Confidentiality Agreement is a written contract stating the people you talk to will not be able to take your idea and use it for themselves. Ideas have value, and your ideas are no different. A Confidentiality Agreement allows you to talk about your idea safely. A Mutual Confidentiality Agreement is simply an agreement that binds both parties.
* WHEN SHOULD I USE A CONFIDENTIALITY AGREEMENT? Since you can’t patent or copyright an idea, you need to be sure your ideas are protected. The best way to do this is with a Confidentiality Agreement. Whenever you have an idea you believe is valuable and you want to talk about it to another party, you need a Confidentiality Agreement
* HOW DO I ENTER INTO A CONFIDENTIALITY AGREEMENT? Whenever you plan to talk about your idea with someone, you should have them read and sign a Confidentiality Agreement. For example, let’s say you have come up with a great invention but you are not sure how to go about making it. If you go talk to an adviser to ask them what your next step should be, you need to make sure that adviser will sign a Confidentiality Agreement. If they won’t, it’s best that you move on.
* WHAT DO I NEED TO INCLUDE IN THE AGREEMENT? The agreement needs several clauses and conditions for it to be effective. First, you need to make clear what the person you talk to can and can’t reveal. Each party needs to know the information discussed is confidential, and that by revealing or using it, they will violate the contract. A good Confidentiality agreement will be precise enough to protect your ideas while being flexible enough to allow you the freedom you need to follow them.
* CAN’T I JUST MAKE AN ORAL AGREEMENT? Of course. But making an oral agreement and enforcing it are two different things. Oral agreements are all too often little more than paper tigers. A written agreement is the best way to protect yourself.
Coming up with a great idea or invention is just the first step. To be sure your idea is practical, you need to research, and research means talking to the right people. No matter if its an idea for a movie script, a new recipe or a better mouse-trap, your idea needs protection. There is nothing worse than coming up with a brilliant idea, only to see someone else reap the rewards because you didn’t take your own idea seriously. Ideas are big business. Even if it seems silly or slightly paranoid, you owe it to yourself to give your ideas the respect they deserve.
Article Tags: adviser, clauses, confidentiality agreement, flash of inspiration, great invention, patent
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About the Author: Ian Macleod RSS for Ian's articles - Visit Ian's website Since 1990 RP Emery & Associates have supplied the business community and individuals with professionally drafted, ready-made contract templates. http://www.rpemery.com You can save thousands of dollars by creating reliable legal documents from your home or office computer. Simply open the document template you wish to use, insert all relevant details in the appropriate spaces, and go to print. It's that Easy! What’s more, you can use the same document template again and again at no further cost. Of course complicated legal matters require professional advice. However with access to the correct contract template which includes all the essential terminology , many straightforward issues are easily resolved. Our customers include individuals, small businesses, large public corporations, and the legal fraternity. We have customers who cannot afford to use high cost legal services and a great many who can – but simply choose not to. We have a range of sites dealing with business and personal information. Here are just a couple... sellingbusiness for information on buying and selling a business financialagreements.com.au for prenups,postnups,separation,de facto, property settlement information etc Click here to visit Ian's website Ensuring Franchise Success What support should you get for your franchise How to franchise your business Which Franchise is right for you How do you choose Franchising Mistakes and how to avoid them |
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