How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Alex J. Your Own Question
Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3656
Experience:  Solicitors 2 years plus PQE
13113900
Type Your Law Question Here...
Alex J. is online now

I am currently seeking potential partners/ investors

Resolved Question:

I am currently seeking potential partners/ investors for my business, do I need to have some kind of non disclosure document in place prior to having conversations with potential prospects or is that only needed further down the line?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. You will need to have a non disclosure agreement when you start disclosing confidential information to them. In the initial talks will you be giving them any sensitive information about your business? Kind regards AJ

Customer: replied 1 year ago.
Hi AJ, thanks for your reply. I will not be disclosing financial information but an overview of how my business operates. My main worry is selling the idea and then them trying to replicate the service/offering on their own. Thanks.
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. I would say then that you would want to sign an NDA and a non compete clause - the non compete clause will only be able to last for about 6 months - as you cannot stop them from starting a competing idea indefinitely, you can only stop them from doing so on the back of your information.

Customer: replied 1 year ago.
Great, thanks, ***** ***** something I can create using an online template or is recommended to get drawn up by a local solicitor?
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. If you get it drawn up by a local solicitor it is likely to cost about £500 plus vat. You could use a template but to ensure it is enforceable you must have a really detailed explanation of the information you want to keep confidential. Kind regards AJ

Alex J. and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Ok, great, thank you for your advice, much appreciated.