By: Michael J Foycik Jr.
Dec.1, 2019
The author is a patent attorney with over 28 years experience in patents and trademarks. For further information, please email at IP1lwyr@gmail.com, or call at 877-654-3336.
You (the owner) has an invention, a business idea, or a trade secret. To develop your invention, start a business, or talk with investors, you'll need to share information with these recipients, and you'll want protection before showing them anything. Many think an NDA (Non-Disclosure Agreement) will solve this problem, but there are major pitfalls to avoid. And, an NDA might not be the best solution anyway.
The biggest misconception, in my view: an NDA is intended to protect and help the owner of the invention, business idea, or trade secret. An NDA is much more likely to protect the recipient of the information, and not the owner. Let's see why that may be true.
Many NDA's provide for arbitration as a remedy rather than litigation, but that only benefits the richer party. Why? A court action can be filed for free or at very low cost, but an arbitration usually requires the payment of substantial fees up front, and more fees at later stages. When the recipient is a relatively substantial corporation or business, such fees may seem small, but to an individual or small businessperson such fees may be too great and they cannot enforce the NDA.
Read more >> http://internationalpatentservice.com/Costly-Misconceptions-About-NDA.html
