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Article | April 12, 2011
Define confidential information to avoid ambiguity
There are a number of ways that contract packaging service buyers and providers can keep confidential information private, and one of them is a nondisclosure agreement (NDA). These agreements are designed to preclude harmful disclosure of confidential information. A nondisclosure agreement is not one-size-fits-all; it requires an analysis of the business at issue and a strategy tailored to that business.
• An attorney’s fees provision is significant leverage and shouldn’t be overlooked. Often, attorneys’ fees become a significant consideration in the decision to enforce an NDA. Attorneys’ fees can rack up quickly if litigation is necessary to enforce the NDA to preclude use and disclosure of confidential information. The NDA should provide that if a party seeks to enforce the NDA, it can recover its costs and attorneys’ fees for doing so. This simple provision can be a big “miss” that costs a company hundreds of thousands of dollars and a missed opportunity for leverage, if left out of the NDA.
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