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Non-disclosure Agreement Template - Minnesota
Minnesota Non-Disclosure Agreement: What is it?
A Minnesota Non-Disclosure Agreement is a formal contract prepared and signed to illustrate the terms of a confidential relationship negotiated by the parties: one of them discloses sensitive information they own and the other promises not to share it with third parties.
The objective of this agreement is to prevent the leaks of proprietary details that may harm the owner of the data financially whether you want your investors, customers, or employees to keep it secret. Note that in certain cases the obligation may be mutual - if you represent a company, you may offer your business partner to sign an NDA that obliges you both to keep the data private from all other individuals and organizations.
You can download a Minnesota Non-Disclosure Agreement Template through the link below.
Minnesota NDA: How to Make?
Here are some tips that will help you draft an effective Minnesota NDA that will allow you to protect confidential information owned by your business:
- Make sure the parties are properly identified - not only by their full names but also contact details. This will prevent confusion in the event of a future dispute especially if the recipient of the confidential details has a common name.
- List not only the confidential details that must stay private but also exclusions from the agreement . Usually, it includes the information that has already become public knowledge or the data that the recipient knew before working with the disclosing party.
- Choose an appropriate duration of the agreement . Sometimes, a non-disclosure period should be indefinite especially if you believe the trade secrets are worth protecting forever; but certain strategies, designs, and formulas that are developed in ever-changing industries warrant protection that lasts for several years.
- You can guarantee your internal records, strategies, and techniques are not shared with your direct competitors when an employee leaves your company if you add a non-compete clause to the contract . It will prevent the individual from working for your rivals as long as the document also obliges you to pay them compensation.
- Let a notary public verify the identities of the people signing the NDA - they will witness your signatures after ensuring the parties are signing the deal without any duress and put a notary seal making it harder to challenge the validity of the document in the long run.
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