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A breach of contract can lead to lost confidential information

As readers of this Camden County business law blog may know, there are many kinds of contracts that corporations and enterprises can create. One common type of agreement is nondisclosure agreement. Entities often ask their employees and others who are privy to sensitive business information to sign nondisclosure agreements in order safeguard the financial, technical, and other important information that make the businesses successful or unique.

When confidential information is shared against the owning corporation's will, that entity can suffer a variety of damages. If financial data is divulged, the company may lose opportunities to gain investors or even sell itself to another business entity. If technical data is passed on without a filter, the company can lose its edge in its market and lose revenue to its competitors. Nondisclosures can impose penalties on signing parties that incentivize protecting the information subject to protection by the agreement.

Many nondisclosure agreements include, in addition to specific details about what may and may not be shared and with whom, remedies that damaged parties may use to stop the sharing of their sensitive data. In some cases a business may seek monetary damages against the breaching party. In others it may be able to enjoin the breaching party from disclosing the information in the future.

Nondisclosure agreements effectively exist to protect businesses from losing control of the information that is important to their operations. Whether your business needs to create a nondisclosure agreement for its use or has a potential lawsuit on its hands due to a breach of contract related to its nondisclosure agreement, the Donnelly Ritigstein Law Offices may be able to help. By helping every client examine its own contractual challenges and needs, our attorneys can help you take important steps toward protecting your business's sensitive data and information with nondisclosure agreements.

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