A Non-Disclosure Agreement (NDA) is a legal contract between two or more parties that highlights a set of confidential material or information that the respective parties wish to share but wish to restrict to the outside world (parties not included in the agreement).
In the situation of a business ownership transition, signing an NDA can be beneficial. An NDA protects the seller against anyone using the company’s sensitive information on pricing, strategy, employee data, projections, etc. to their advantage. An NDA gives the seller a level of comfort that if the opposing party violates the agreement, the seller is entitled to seek relief for lost profits or any potential harm suffered by the business.
Tresle provides you with an already-made digital NDA, so you can easily send it to the other party and keep the information confidential. Learn more about it here.
