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Why do I need a confidentiality agreement/non-disclosure agreement?
A Canadian Confidentiality Agreement must be carefully worded and drafted to account for the particular transaction, or industry, you are doing business in. Without the proper restrictions governing the permitted use, disclosure, and return of confidential information, you take the risk that your sensitive business information like clients, suppliers, and pricing, will end up in the open market or that competitors may take advantage of a business opportunity before you can take advantage of it yourself. Confidentiality agreements provide protection by allowing a party to sue for damages in the event the agreement is breached or allow for other remedies such as for the breaching party to have to account to the disclosing party for any profits received from the unpermitted use of the confidential information.
A confidentiality agreement may also allow the disclosing party to obtain a court ordered injunction prohibiting the recipient of the private information from making further breaches or to cease making use of the confidential information. If your confidentiality agreement is not enforceable (or improperly drafted) you risk having no recourse against a party that breaches the agreement. This is why it is important to avoid downloading confidentiality agreement templates and have a confidentiality agreement drafted by an Ontario contract lawyer.