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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3843
Experience:  Solicitors 2 years plus PQE
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I am currently seeking potential partners/ investors

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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?

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.

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?

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

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Customer: replied 1 year ago.
Ok, great, thank you for your advice, much appreciated.