Do NDAs usually come with a time limit? i.e. if you sign that NDA it becomes null & void, in say, 6/12/36 months?
I think one of the main reasons folks are adverse to signing NDAs, especially the "my idea is so great that I must protect it" kind, is that if I sign too many of them I effectively put myself outta business.
If I knew that a particular NDA would "time-out" in 12 months, I might be more inclined to sign; since if it does turn out to be yet another "photo sharing app, but for dwarfs" type deal -- I'm not going to be legally binded forever.
One last thing, I totally understand the need and desire for NDAs by orgs that actually have existing IP that they want to protect; but alas alot of these NDA requests are made in the ideation phase...
Most NDAs have such a period stated in the contract. However, every now and then, you come across one that doesn't. (I just received one earlier this week that did not explicitly state one.) So, as always, read everything before you sign!
Comments
Do NDAs usually come with a time limit? i.e. if you sign that NDA it becomes null & void, in say, 6/12/36 months?
I think one of the main reasons folks are adverse to signing NDAs, especially the "my idea is so great that I must protect it" kind, is that if I sign too many of them I effectively put myself outta business.
If I knew that a particular NDA would "time-out" in 12 months, I might be more inclined to sign; since if it does turn out to be yet another "photo sharing app, but for dwarfs" type deal -- I'm not going to be legally binded forever.
One last thing, I totally understand the need and desire for NDAs by orgs that actually have existing IP that they want to protect; but alas alot of these NDA requests are made in the ideation phase...
Most NDAs have such a period stated in the contract. However, every now and then, you come across one that doesn't. (I just received one earlier this week that did not explicitly state one.) So, as always, read everything before you sign!