A leading commercial solicitor says that there has been a stark increase in Midlands companies asking for support with confidentiality agreements.
Amy Hylton, a solicitor at Higgs & Sons, says the increase correlates to the uncertain economic climate, with businesses doing everything they can to protect themselves.
“We have seen a huge uplift in confidentiality or non-disclosure agreements. This is not only in relation to business sales and acquisitions but also for research, development and supply relationships between businesses,” says Amy.
“In tough economic times, it seems that people are trying harder than ever to protect commercially valuable information, such as client lists, trade secrets and pricing information.”
According to Amy, businesses in the region should be fully aware of what they are signing up to and ensure that the information they are agreeing to safeguard can be kept secret without damaging their future plans.
“Any business disclosing the information needs to ensure that the agreement is watertight in respect of each situation and type of confidential information being disclosed,” explains Amy.
“Whether you are presented with such an agreement or are providing one, you should have it reviewed to ensure that its terms and obligations are fully understood and can be complied with. Breaches of confidentiality agreements can end up being costly for both parties involved and once the cat is out of the bag, the damage has been done.”
For further information on confidentiality agreements, please contact Amy Hylton at Higgs & Sons Solicitors on 0845 111 5050