When drafting a partnership NDA, both parties should clearly define what qualifies as confidential information, including business plans, financial records, intellectual property, client data, and strategic opportunities shared during the partnership.
Specify each partner’s obligations regarding the use and disclosure of confidential information, including restrictions on sharing with outside parties, procedures for safeguarding data, and return or destruction of materials if the partnership ends.
Consider setting a reasonable duration for confidentiality, clarifying ownership of jointly developed intellectual property, and consulting legal counsel to ensure the NDA aligns with state partnership laws and protects both parties’ interests.