Idaho Non-Disclosure Agreement Template
An Idaho non-disclosure agreement (NDA) creates a binding obligation for a person or company to not speak or share (whether digitally or in-person) another company’s confidential info. By signing the form, the parties understand that they could be sued in the case they disclose anything prohibited by the agreement. Before signing the contract, the parties involved need to ensure that any information that cannot be shared is clearly outlined, while avoiding making restrictions too broad, which can lead to the document being unenforceable in a court of law.
Example NDA Use Case
An example of a situation in which an NDA could be used is if an Idaho-based company is planning on selling their business, and they need to share their business plan with a potential buyer. Because their business plan contains valuable and confidential information, they can make use of the legal protections offered by an NDA to legally protect the information they’ve accumulated over the years from being leaked to a third party not involved in the agreement.
Without the protections an NDA offers, there is little the company selling the business can do to prevent the potential buyer from misappropriating their confidential information, although it is worth mentioning that stealing trade secrets is illegal, with or without an NDA.