When you have valuable business secrets, you want to do anything to protect them. You may have a vendor or contractor who needs your secrets to fulfill a contract. Or you might have a new business plan that you don’t want your employees to take to another company. In these cases, you can prevent others from stealing your business secrets with a nondisclosure agreement or NDA.
Contracts can be a vital tool to help businesses fulfill specific needs. But if one party violates the terms of the agreement, they may have to compensate for their damages if found guilty.
Innovation and the tech industry are intimately linked. Big tech companies spend billions of dollars every year trying to stay ahead of the competition, employing thousands of people to work on cutting-edge projects meant to give their product a leg up.