All business development professionals understand the importance of the NDA (non-disclosure agreement). It’s the legal document they review more frequently than any other.
Think about it: You don’t get to review the confidential information memorandum (CIM) until you execute the NDA. However, drafting an NDA is a complicated process, fraught with the potential for legal pitfalls and misunderstandings. This makes it imperative to learn as much as possible about NDAs as a business development professional.
In the spirit of full disclosure, I’ve used NDAs very often in my line of work. The following is a general guide that I’ve picked up through my time—and not, by any means, a comprehensive how-to for your specific situation. Always consult your attorney before signing legal agreements.
With that said, let’s dive into what you need to know about NDAs:
Context and Scope in NDAs
The biggest area of focus when negotiating NDAs lies in scope. As a business development professional, your goal is to protect your firm from undue liabilities. [Read more…]