A confidentiality agreement (also known as a non-disclosure agreement) is a legally binding contract used in a variety of business contexts such as commercial lending, consulting agreements, employment relationships, or joint venture negotiations.
Confidentiality agreements help to facilitate transactions by permitting parties to disclose private information without risk that the other party will harm their business by disclosing trade secrets or other proprietary information the disclosing party wants to keep private.
Confidentiality agreements can be used with employees, contractors, business partners, clients, or suppliers, to keep internal information confidential and prevent others from taking advantage of sensitive business information that is disclosed during the business relationship.
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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.
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The short answer is no. But having a dedicated Ontario small business lawyer involved from the start has numerous advantages.
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