Successfully navigating the world of business often means relying on trade secrets. Protecting this intellectual property is essential, but not always easy. Business partners, employees and others might all have access to certain trade secrets in order to help the business run more smoothly.
Utilize nondisclosure agreements
Nondisclosure agreements are a great option for protecting trade secrets. Georgia business owners can use NDAs with their employees and business partners alike. NDAs typically address some of the following information:
- What information is confidential
- Whether just one or both parties are restricted by the agreement
- What limitations are in place
- If there are any exceptions to limitations
- How long the agreement lasts
So long as a trade secret remains confidential, it is still protected information that cannot be used by other businesses. Once a trade secret becomes public, the business at which it originated loses rights to its exclusivity. This is why businesses should be utilizing NDA agreements. When a business decides to not use an NDA, it risks losing the edge it initially gained with its trade secret.
Creating an NDA can be a complicated process. An NDA that imposes too many restrictions might not be enforceable, whereas one that is not stringent enough could have unintended loopholes. Georgia business owners who are considering having their employees sign an NDA might want to first speak with a knowledgeable attorney about how to go about creating such an agreement, as well as other options for protecting intellectual property.