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Non-disclosure Agreement Template - Tennessee
Tennessee Non-Disclosure Agreement: What is it?
If your company discovers or develops confidential information and you want to prohibit its unlawful use, consider offering a Tennessee Non-Disclosure Agreement to every client, employee, or business partner that is given access to sensitive data.
This legally binding document will allow you to determine the details that cannot be released to any third parties, especially your market rivals, and describe the penalties the breaching party will have to pay in case the proprietary information is ever disclosed.
A Tennessee Non-Disclosure Agreement Template can be found below.
Tennessee NDA: How to Make?
To ensure a Tennessee NDA you prepare and sign with the other party is deemed valid by all authorities and courts, include the following elements to your contract:
- Personal details of the parties. It is advised to state the full names of the counterparts and their contact information.
- Duration of the agreement. Most often, an NDA does not last more than several years since the information in question has an expiration date; however, if the parties agree to this, the contract can be indefinite making the non-disclosure obligation even more serious.
- Type of the NDA. Although most contracts are unilateral, when businesses work together, they may have a mutual obligation not to disclose the details they have learned during their collaboration.
- List of the sensitive information protected by the contract. Make sure you are clear and unambiguous when indicating the records, documents, designs, and formulas that cannot be shared with people not mentioned in the NDA.
- Non-compete clause. If you are parting ways with an employee that was granted authorization to work with the sensitive data your business owns, you can take additional measures to protect your organization by preventing this individual from working for your local rivals for certain compensation.
- Remedies. As a rule, the non-breaching party should reach out to their counterpart using a formal notice; only if it is ignored, they can proceed with a lawsuit and claim damages for the contract violation.
- Signatures and a notary seal. Whether you plan to formalize the document yourself or authorize a legal representative to do that on your behalf, it is necessary to visit a local notary public who will verify the identities of the people signing the papers and confirm there is a true intention to sign a deal.
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