Pssst…can you keep a secret? In business, confidentiality is imperative and a breach of a confidentiality agreement can be costly.
Confidentiality may seem straightforward, but you must consider a lot of things to ensure you have terms that’ll work for your business. When it comes to your own contract, having the right terms is just the first step but it goes a long way towards protecting your business.
When I discuss confidentiality provisions in this episode, I’m talking about them as part of a bigger agreement. So, let’s dive in! First, I’ll go over the most common pieces of a confidentiality provision. Then, I’ll talk about what you can do with the information you receive and wrap up the show with a couple of action steps.
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In this episode:
[02:42] – When first looking at a confidentiality provision, you need to know which party is agreeing to keep information confidential.
[03:47] – Danielle gives a quick tip for protecting yourself when negotiating with another party.
[04:04] – How do you define confidential information? This is one of the most important pieces of the provision.
[05:19] – Some agreements may consider everything about the agreement to be private, including its very existence.
[05:58] – Confidentiality is inherent to some relationships. As a lawyer, it’s built into everything Danielle does at her firm.
[06:24] – In this type of confidentiality clause, carefully review what’s protected.
[07:18] – What types of documents are covered? This is the last thing you want to define.
[08:30] – Danielle goes over what you can do with confidential information.
[09:05] – Consider with whom on your team you can share confidential information.
[09:30] – Usually, an agreement will limit how you and others can use private information.
[10:26] – Do you have to store the information in a certain way to comply with the confidentiality provisions?
[10:57] – What happens if something confidential is exposed in violation of the agreement?
[11:25] – Ensure you know how long the provision will last and review what needs to be done after the agreement’s conclusion.
[12:17] – Danielle winds down the show with these action steps.