Confidentiality
To many businesses, trade secrets are their most important commercial asset. It can be as important, if not more important, than formal intellectual property rights. In order to safeguard your know-how, it should be kept secret from competitors.
Provided your information is kept secret and out of the public domain, it is considered confidential information. Some typical examples of confidential information or trade secrets include:
- business plans
- customer lists
- internal policies and procedures
- industrial knowledge
- software algorithms
- technical processes
Confidential information arises automatically and lasts indefinitely. This means it is important you have strict policies in place in your business to ensure that confidential information is not inadvertently disclosed to the public, which could destroy its protected status. Accordingly, it makes sense to only circulate confidential information on a ‘need to know’ basis, and impose additional confidentiality obligations on staff and contractors.
How can we help you
To keep alive the possibility of securing patents, confidentiality of information should be considered at the outset before entering into discussions with any third parties, including business partners, manufacturers and suppliers.
We will help you:
- with the submission of ideas to third parties or investors and put such recipients of confidential information on notice that the information they receive is confidential and protected
- by preparing non-disclosure agreements (also known as “NDA”s or “confidentiality agreements”) with third parties and staff with access to protect confidential information and your business’ trade secrets
- regulate informal collaborations and idea development
- commercially exploit your know-how
- review and negotiate confidentiality or non-disclosure agreements
- secure ownership of intellectual property developed through use of confidential information
If you would like further advice about safeguarding your confidential information, know-how or trade secrets, contact us for your free initial chat.
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