Most businesses will hold some form of intellectual property. And as such will want to take steps to protect it.
Here we look at NDA’s and how it may be possible to make use of one to protect some elements of your intellectual property.
What does NDA stand for?
NDA stands for Non-Disclosure Agreement. They are legal documents. And are defined on the gov.uk website as ‘a legal contract. It sets out how you share information or ideas in confidence. Sometimes people call NDAs confidentiality agreements.’
Can you use an NDA to protect your intellectual property?
It is possible to make use of an NDA to protect your intellectual property. They can be used to protect confidential or sensitive information that you may need to share with a third party for example.
If you want to make use of an NDA for this purpose, you may want to consult with an IP solicitor who can work with you to draw up a suitable NDA.
Areas to consider when using an NDA to protect your intellectual property
Areas to consider which are highlighted in government guidance relating to the use of NDA’s include
- Having clarity and setting our clearly what the NDA covers
- How long the confidentiality should last
- The type of NDA you use – they can be one way. Or they can be mutual
- To not disclose information before a signed copy of the NDA has been returned to you. And ensure the right person signs the NDA
As above, it is highly likely that you will want to work with an IP solicitor or lawyer when putting an NDA in place.
How can intellectual property insurance help protect your IP?
Given the value that intellectual property can hold for your business, protecting it will be high up on your agenda. And an NDA may be one of the tools you consider making use of.
Intellectual property insurance is another area you may want to look at. Intellectual property insurance can offer wide ranging cover when it comes to protecting your IP in areas such as
- The costs related to legal defence
- Breach of an agreement
- Infringement pursuit
- Business interruption
- After the event cover
- Investigation costs
It can also act as a deterrent to those who think you may not have the resources to pursue a claim relating to infringement of intellectual property.
At Anthony Jones, we have a team of experts who can work with you to identify if intellectual property insurance is necessary for your business and if so, can help tailor a policy which meets your unique requirements. Contact us on 020 8290 9080 or email us at email@example.com.