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Non-disclosure Agreement Template - Maryland
Maryland Non-Disclosure Agreement: What is it?
If you are thinking about protecting the proprietary information of your small business or large corporation when working with clients, investors, and business partners or discovering and developing previously unknown data with your current and former employees, you should consider preparing a Maryland Non-Disclosure Agreement. Whether you want to make sure the intellectual property you own, the patterns and designs you create, the advertising and marketing strategies you plan to keep secret from your market competitors are not leaked by an entity or individual you have collaborated with, this is the document for you.
You may download and personalize a Maryland Non-Disclosure Agreement Template through the link below.
Maryland NDA: How to Make?
To draft an effective Maryland NDA that would help you safeguard the interests of your business in terms of the confidential information you own, follow these steps:
- Identify the counterparts - the disclosing party and the receiving party. It is advised to add their names and contact details - if the recipient of the data is an individual, they should also share their driver's license number to facilitate identification in case they have a common first and last name.
- Explain what the parties deem to be confidential details. It is very important to avoid vague wording and be as specific as possible - if certain information is not explicitly mentioned in writing, the NDA may be challenged later on resulting in financial loss for the owner of the sensitive data.
- Indicate the duration of the contract. While it is allowed by current laws to protect the information indefinitely, sometimes it makes no sense to bind the recipient to the terms of the agreement forever, especially if the data in question has an expiration date. In most cases, it is enough to safeguard the information for a few years.
- Make the receiving party promise not to work for your local market rivals - this will constitute a non-compete clause, often included in the contracts signed with employees leaving the company. Be ready to pay the person compensation because they are losing a job opportunity in a certain geographical area.
- Book an appointment with a notary public, let them confirm your identities, and sign the papers in their presence. Alternatively, this can be done by legal representatives of either party or both of them.
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