Monday, July 31, 2023
By Juan Luis Santiago Medina
Legal Assistant at SILMÉXICO
Currently, in the corporate world when exposing the idea of working jointly with third parties outside your company, office, or business you tend to expose private or corporate information, however, at the time of any embezzlement within the business that you seek to celebrate, could significantly harm your environment.
But how to protect the personal and corporate data of your company, office, or business within a negotiation?
As legal advisors, within a legal business, we must consider that discretion and confidentiality play a very important role in the success of a business, and that is where those called by the corporate world “NDAs” intervene, which, for Its acronym in English, we will translate it by Confidentiality Agreements, but really, what do we understand by NDA or confidentiality agreement?
According to various legal sources, Confidentiality Agreements are those legal agreements by which the parties establish conditions of use, transfer, or exchange of information that they consider “Confidential” but essential to ensure the success of the negotiation, understood from something fundamental such as address, marital status to more sensitive issues, account statements, company partners, digital signatures, tax status, among others.
To delve into confidentiality agreements, we must understand that they may contain what the parties consider necessary to ensure the personal and corporate protection of their core.
Understanding the concept of the famous NDAs, what are the benefits of signing them?
- Certainly, a good business is one that is duly supported, speaking from a legal point of view, which are precisely the pros;
- Protection of the intellectual property of your brand, company, or business.
- Certainty protects the confidentiality of your personal and corporate data.
Protection against embezzlement or bad faith by third parties who, for legal business reasons, have information in their possession.
In conclusion, we understand that NDAs are vital and practical tools to protect sensitive information and strengthen the negotiation between the parties so that in case there is any misuse of shared private information, you can always count on the support legal if you have already signed this instrument and you are duly advised.