What is a confidentiality agreement?
Confidentiality agreement: A confidentiality agreement (also known as a Non-Disclosure Agreement or NDA) is a legally binding document between two parties preventing the disclosure of shared information with any third party.
Confidentiality between you and Innovate
- Innovate’s confidentiality agreement can be downloaded from our website or will be sent out in the Information Pack.
- This is a legally binding document prohibiting us from disclosing any information you share with us to any third party.
- There are 2 copies: one to be sent to us and one to be kept by yourself.
- There is a time limit of 15 years from signing the agreement, after which the agreement terminates.
- Should there ever be any dispute over the confidentiality of a product, this agreement can be used in a legal setting, if needed.
Confidentiality between you and other companies
- Before speaking to any company about your idea, we would strongly recommend using a confidentiality agreement.
- We would not recommend talking to any potential licensees or manufacturers prior to protecting your product, where applicable, as this could potentially jeopardise your protection being granted – this is particularly the case with patenting.
- Even once your product is protected it is good business practice, where possible, to use a confidentiality agreement when disclosing detail of your product to a company. This is not always possible but should be remembered. An example NDA can be provided by Innovate.
- The use of an NDA is also a requirement for those companies complying to the British Standard 8538:2011.