Before Starting a Business Relationship
June 25, 2017
If you are looking for potential business partners and will share your business ideas, ask them to sign a Confidentiality Agreement. Under such an agreement, they are legally bound not to disclose or discuss any confidential information to a third party and may use the information only for a specified reason. Use a one-way Confidentiality Agreement if only one business is sharing information or a two-way Confidentiality Agreement if both parties are revealing sensitive information.
A Letter of Intent, also called a Memorandum of Understanding (MOU), can help to set out the key terms of a potential agreement before you enter into a formally binding contract. A Letter of Intent (MOU) typically includes details of the proposed agreement, pre-conditions, key obligations, and intended signing date. This document is not legally binding, but it can contain certain legally binding clauses such as confidentiality.
- Selling Goods & Services
- Purchase Orders & Invoicing
- Collaborating & Expanding Your Business
- Ending a Business Relationship
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