LegalNature is a company that generates templates and paperwork to simplify legal processes. They understand the struggle with paperwork, and for that reason – they’ve compiled a library filled with folders to help you solve your ‘paperwork’ problem easily and for an affordable price.
In this text, we’ll review only one of their agreements – the Independent Contractor Confidentiality Agreement. Below, we analyze the significance and impact of this agreement and the essential steps to creating one on your own. Let’s check it out.
Why Create an Agreement?
Companies create the Independent Contractor Confidentiality Agreement to vouch that any sensitive or classified information will not get leaked to the public. The Independent Contractor Confidentiality Agreement protects a company from profiting off your sensitive data account. Many businesses witnessed manipulation with sensitive information to the point of diminishing their reputation.
However, to create protection over your information, the agreement must be well structured with every relevant condition. That’s where LegalNature steps in. They have long experience with such agreements and have compiled the main conditions to consider. Legal Nature’s agreement offers the following:
- Obliges contractors to preserve your confidential information safe from unlawful disclosure or theft by a third party.
- Prohibits contractors to use privileged information for personal profit.
- Immediately ask contractors to declare conflicts of interest between you.
- Gives the corporation complete control of any trade secrets developed by the contractor due to acquiring sensitive documents, such as copyrights, trademarks, and patent rights.
- Allows you to incorporate an arbitration clause and customizable words to represent the parties’ entire intentions.
Party Information and Agreement Term
If you’re interested in the Independent Contractor Confidentiality Agreement, you must create terms and conditions to protect your business. Below, we’ve singled out the main points of the agreement procedure to point out the importance of each part.
Party Information
To begin the agreement process, you must name the Discloser or the party that will disclose the confidential data. Parties can be real people or corporations, and stating their full legal name is mandatory. Afterward, the contractor will be required to give out the same information. Once the parties are determined, the preparation of the terms and conditions are next on the chart.
Agreement Term Length
To begin with the agreement details, you will have to specify the time you wish the agreement to become effective and the time you bound the contractor for keeping the confidential information a secret. Usually, the discloser demands to keep them in secret perpetually, to which the contractor must agree.
Once the contractor signs the agreement, they are bound by law to stick to the terms and conditions of the said agreement – even in situations when the partnership is over. Especially in these situations, demanding to keep the information in secret is important because the other party can benefit from leaking it.
In business, only a handful of things are based on emotion, and those are ambition, dream, and passion. Trust? By all means – no!
If that situation makes you uncomfortable and you’re entirely sure you can trust the other party – skip obliging them to keep the information confidential.
Disclaimer of Warranties and Arbitration
Speaking of the disclaimer of warranties, you must know that the discloser can waive all guarantees regarding the classified information between both parties. The discloser can’t be held accountable for the reliability of the information or failing to use the data as intended. Unless the discloser makes specific commitments to the contractor concerning the material, it’s typical for them to opt to disclaim any warranties.
Afterward, it’s integral to choose the manner of handling the conflicts. It can be neutral or by going to court. By neutral, we mean binding arbitration. Arbitration clauses permit the parties to resolve disputes more quickly and inexpensively than going to court.
Conflicts are treated as a single arbitrator or a panel of arbitrators. As a result, unless you have a compelling reason not to, it’s usually a good idea to include an arbitration clause in your contract.
Governing Law and Additional Terms
Finally, you’ll specify which state’s laws you want to apply to the agreement and any other provisions you want to include. The governing state is usually the discloser’s primary location of business.
You might also use the discloser’s state of incorporation, the state in which the two parties do any business together, or another comparable state. After that, you can customize the agreement by adding your own terms.
These are likely conditions that the parties agreed upon verbally and wished to be included in the contract. This is supposed to provide you with total flexibility in modifying your agreement to the parties’ needs.
It’s also a good idea to look over the paper beforehand to check what has already been included. Simply follow the procedures at the conclusion of the document to formally execute it, and distribute copies of the completed document signed by all parties.
Create Your Independent Contractor Confidentiality Agreement Now
Legal Nature has a ready Independent Contractor Confidentiality Agreement template that only needs customization. All you’ll have to do is pick the conditions you want to include in the agreement.
Having this agreement is essential, and no one has the right to be judgemental as you’re only protecting your rights and the company’s future – especially if it’s growing. No one knows about tomorrow, and it’s not recommended to gamble with the company’s future.
Reread the text if needed again, and make the best choice.
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