A Nondisclosure Agreement (NDA) protects a credit union’s confidential information and may be used when exploring a potential relationship with a vendor. A vendor may provide an NDA to protect its own sensitive information; however, we recommend using a “Mutual NDA” so the credit union’s information is also protected. Consider these items when dealing with NDAs:
- Is the information to be shared confidential (would you want it posted on a public website?)
- Consider all terms and confirm the credit union is comfortable obligating itself to act accordingly.
- NDA should be signed by both parties before any confidential information is exchanged.
ICUL member credit unions have access to legal resources through Barker, Hodgson & Miller, P.C. Click here to learn more about the legal resources available, including additional information on NDAs. Questions? Contact Elizabeth Hodgson at Elizabeth.Hodgson@amcattorneys.com or Julie Buenzow at Julie.Buenzow@amcattorneys.com.