(b) information and documents relating to the purchase, accounting and marketing of the party to the publication of the information, including, but not limited, marketing plans, sales data, business methods, unpublished promotional materials, cost and price information, and customer lists. This agreement does not apply to information: An important step is to enter into confidentiality agreements (also known as confidentiality agreements or DNNs) before potential buyers, their advisors or representatives have access to your company`s confidential information. A confidentiality or confidentiality agreement is usually signed at an early stage of the transaction. Confidentiality provisions may be contained in a separate agreement or in the heads of the day. A separate confidentiality agreement is more common than the inclusion of such provisions in terms. There are two alternative provisions that deal with the duration of the agreement. Select the clause that best suits your needs and delete the other: – Be specific – Be very clear about the information covered by the agreement and how it can be used. Be sure to include the actual discussions around the sale as well as any information you will disclose, as it can be detrimental to your business if messages about a possible sale are published. Be careful not to disclose any information (including contracts) between your company and other third parties that are themselves protected by confidentiality obligations. As we do in our article how I protect my idea by sharing?, don`t good practices provide more information than it is essential. Even if you have a confidentiality agreement, it cannot protect your data if the person who violates it violates this Agreement and reveals or uses it in a manner that is not authorized by the Agreement. However, in a sale transaction, potential buyers of your business want to fully understand your business and view information that you don`t normally pass on to third parties. A more comprehensive confidentiality agreement is needed to protect your business.
Having an NDA helps protect your trade secrets and other sensitive information from falling into the wrong hands. Have it signed by the potential beneficiary before disclosing confidential information such as your business sales memorandum, so that both parties understand in advance that they are committed to confidentiality. Your lawyer will develop an agreement that will set these conditions in more formal legal language. However, if you don`t use avocado, you can download NDA models with all the necessary information. The Law Depot UK has free NDA models that can be customized quickly and easily for your business. Selling your business is exciting, and for some may even have been their final destination. The last thing you want is for confidential information to be disclosed, which causes damage and turmoil to your business among your employees. A confidentiality agreement helps reduce the likelihood of this happening and protects potential buyers who value your business – one less thing you need to worry about.