What type of contracts do I need to protect my proprietary information?

In Florida, when small business owners want to protect their proprietary information, like trade secrets or inventions, they can use contracts. These contracts are either non-disclosure agreements or non-compete agreements. A non-disclosure agreement (NDA) is a legal contract between two parties in which one party (disclosing party) shares confidential information with another party (receiving party), and both parties agree not to share that information with anyone else without the disclosing party’s explicit permission. NDAs are commonly used when two or more businesses want to share confidential information without it being disclosed publicly. A non-compete agreement (NCA) is a contract between an employer and employee. The employee agrees not to work for the employer’s competitors or start their own competing business for a specific period of time. An NCA typically also restricts the employee from working for any other company that is similar to their employer in the same geographic area. These contracts are designed to protect a small business’ proprietary information, such as trade secrets, inventions, formulas, designs, processes, customer lists, and more. If you own a small business in Florida, it’s important to know what type of contracts you need to protect your proprietary information to ensure you’re not breaking any laws.

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What type of contracts do I need to protect my proprietary information?

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