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A Non-disclosure Agreement (“NDA”) is an agreement between a disclosing party (or parties) and a receiving party (or parties). This agreement imposes certain confidentiality obligations on the other party (or parties). An NDA also sets exceptions, a term, and consequences of a breach of those obligations. NDAs are something many startups and small businesses will come across at least once. Any startup or business should have one in their files to use, if necessary.
Intellectual property is your startup’s most valuable asset and as a founder, you need to be mindful of how it is used and who can claim ownership of it.