strict confidence
Definition
Strict confidence means you've been trusted with private information and you have a serious legal obligation to keep it completely secret and not share it with anyone else. This goes beyond just being discreet, it means you must actively protect that information and only use it for the specific purpose for which it was shared with you.
Example
If a potential business partner shares their trade secrets or financial records with you under strict confidence during deal negotiations, you cannot turn around and share that information with competitors or use it to your own advantage.
Watch Out
Breaking a strict confidence agreement can expose your business to a lawsuit for damages, so always get clear written guidance on what information falls under this obligation before signing anything.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.