This is the fourth and last part of a series of blogs on what you need to consider to preserve that competitive edge, what happens when there is a violation of the agreement by disclosing confidential information and having a well drafted confidentiality/non-disclosure agreement.
While the agreement is in place, and once the disclosure is complete, it is important to know who is bound and who you can seek to enforce the agreement against.
Typically, the following should be bound:
1. The company
2. The employees
3. The agents of the company
All of whom will need to agree to the terms of the non-disclosure agreement.
If the confidentiality agreement is well-drafted and indeed does meet your specific needs as well as the applicable law, you will generally have two remedies if there is a breach:
- Injunctive Relief (we talked about that in part 2 of the series on enforceability of non-compete agreements). Similar to non-compete agreements, you usually can obtain a hearing with the court within a matter of days to obtain an order enjoining any further dissipation of the confidential information;
- Depending on how the agreement is drafted, and if specified properly in the agreement, you may very well be entitled to “liquidated damages” which is a sum certain that must be paid if there is a breach.
Please do not hesitate to contact our firm to discuss your options further so that you can maintain that competitive edge!
The contents of this blog and website are for informational purposes only and do not constitute legal advice. Use of and access to this blog and website do not create an attorney-client relationship between the user and Iurillo Law Group, P.A.