What kind of NDA is best?


We’ve been looking at different NDA’s and I have another question. As a new company talking to potential seed investors is there any reason we would use an NDA binding both parties?? Our need is to stop disclosure of our own business information so I am wondering if it is enough just to have an NDA binding the other party only. What, if any, are the advantages of using a 'both-party' NDA? What do investors prefer?

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In general, when the other party doesn't want you to disclose any of their information, then the two-way NDA comes into play (or two separate NDAs in place accomplishing the same thing). So for example, I use draftsmen to create the drawings for my patent applications. This is a one-way-NDA, because they are not worried about anything they have being exposed, but I am. Contrast with, an investor who has confidential market or financial information, that they don't want you to expose, then a two-way-NDA may be appropriate.
Also, the NDA wording and what jurisdiction t's in matters as to the scope of protection. So rather than using a form, it is preferable to hire an experienced attorney. Especially, issues surrounding the "shared legal interest." aspects.

Hope this helps!


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