NDA: What You Need to Know
An NDA is only as good as your bank account. What? You smoking something?
Nope, standby and I’ll tell you why.
All right guys, Simon here from The Contract Company, contracts, that’s all we do, all day, every day. And sometimes overnight, lucky us.
Today I wanna talk to you about NDAs and why they are only as good as your bank account. Okay, NDA, or non-disclosure agreement, trying to protect information that you disclose to another party. So why are they only as good as your bank account?
Because, simple, unless you’ve got the money to enforce them, they’re not worth anything. So what does that mean?
Okay, you sign an NDA, you with another party, you disclose information under that. They then breach the NDA and disclose that information to someone else. What do you do?
Unless you’ve got a big bank account and you can afford to go to court and sue them for breach of the contract, you got nothing.
So what’s the better solution? Try not to disclose it at all, or be general in whatever you disclose.
In other words, don’t give people the exact specifics if you can avoid it and just try and talk in generalities.