Worried about protecting your confidential information? A non disclosure agreement can come to your rescue.
A non-disclosure agreement is a contract whereby two parties agree to not to disclose any Confidential Information . These agreements can be used to protect a wide range including trade secrets But what is a confidential information ??
It can be any Non public information disclosed to anyone orally or in writing concerning any aspect of your business.
So can public information be considered confidential ?? NO !!
Any public information will not be confidential ,this is a valid exception to confidentiality.
So can we bind someone perpetually to not to disclose the information?? Yes! You may unless the information is in public domain .
A Perpetual NDA is mostly used in trade secret. A trade secret has no time limitation and can last forever. It remains a trade secret indefinitely as long as you can prove that the secret continues to possess commercial value, confers some sort of economic benefit to you and you’ve made an effort to keep it a secret.
So Never make the mistake of including a time limitation in your non-disclosure agreement for a trade secret because this would simply mean that the receiving party of your disclosure no longer has to keep your trade secret confidential after the time duration for secrecy has passed.
Do you have any question , feel free to shoot !!