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How non-disclosures can protect your business secrets

Monday, 27 February 2017

lock-1292282_640For many businesses, it is their trade secrets which provide them with an added edge over their rivals. Information, processes and plans can help them to gain an advantage and the unauthorised disclosure to third parties can be problematic and damaging. Here we will explain how Non-Disclosure Agreements (NDA’s) can help in protecting these types of information from dissemination by third parties.

What are trade secrets?

From the complex algorithms that Google use to order search results to the secret ingredients used in Kentucky Fried Chicken, trade secrets give businesses an advantage that requires protection. Trade secrets could include specific methods of working or production, equipment that is used, ingredients, inventions, algorithms and formula as well as customer lists and other types of information. Trade secrets are defined under law as information that is “secret in the sense that it is not generally known among or readily accessible to persons within the circles that normally deal with this kind of information”, “has commercial value because it is secret” and “has been subject to reasonable steps under the circumstances, by the person lawfully in control of the information, to keep it a secret”.

Whereas traditionally in the past instances of theft or leaking of secrets would often come from someone inside of the company or a business partner, today there is an added threat posed by online cyber criminals and hackers. However unauthorised leaking and sharing of company information from employees and third parties remains a problem.

Protecting confidential information

One way to protect sensitive business information, such as trade secrets, it to have any of your third-party contractors or suppliers signs a non-disclosure agreement prepared by a solicitor. A non-disclosure agreement will allow you to claim for breach of contract should a third party give away or use your trade secrets without your permission.

Here at Rollingsons we have extensive experience in helping businesses to protect confidential information such as trade secrets. If you would like to have a non-disclosure agreement drawn up for your business or would like more information please contact us on 0207 7611 4848.

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