Austin Startup Attorney Drafts Confidentiality Agreements
Austin Startup Attorney Natalie Lynch can assist your business in drafting confidentiality agreements. Startups often happen when entrepreneurs have/can do something better than their competition and that something must be protected from the competition. In doing business, your startup may need to share information. A properly drafted confidentiality agreement assists you in the process of sharing information with employees, consultants, vendors, and other parties. A confidentiality agreement can protect and cover any number of aspects of doing business, like trade secrets, customer lists, and products, to name just a few. When an employee with confidential information leaves, Treaty Oak ELG will walk you through strengthening the protections covering that information.
Most states look down upon “restraints on trade,” and you need Treaty Oak ELG to help you balance your right to protect your assets against the court’s dislike for confidentiality agreements.
3 Reasons Your Startup Needs Confidentiality Agreements
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Protection and Control of Information. Your startup should have confidentiality agreements in place to protect your business’s assets and proprietary information or processes.
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Financial. A well-drafted confidentiality agreement can protect your business from future court costs if the information is disclosed to a third party. In addition, ensuring all parties know their rights and responsibilities can avoid costly litigation.
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Competition. Confidentiality protects your company’s business interests by preventing trade secrets and other business information from being disclosed to third parties. Your startup must control the flow of information to third parties.
Common Mistakes Made With Confidentiality Agreements
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Including Information that is Not Confidential. Treaty Oak ELG can assist your startup in avoiding an overly broad confidentiality agreement. The agreement should be tailored specifically to your business’s needs and include detailed examples of what needs to remain confidential. A comprehensive agreement may not be enforceable at all. Arguing about the scope of a confidentiality agreement serves to bring more light to the information itself. It is far better to have an enforceable document at the outset.
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Penalties and Remedies. In case of a breach of the confidentiality agreement, proper sentences must be delineated in the contract. In addition, there needs to be an incentive drafted into the agreement for the business’s secrets to be maintained and not disclosed to improper parties. Treaty Oak ELG can assist your startup in determining appropriate penalties in the event of disclosure of business and trade secrets.
If your Austin startup needs assistance drafting a confidentiality agreement, please get in touch with the Treaty Oak ELG.
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