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In business world, we enter into so many transactions and relationship on a daily basis that requires disclosure of the confidential information between the parties. The option to maintain its secrecy is only by entering into a Non-disclosure agreement or the confidentiality agreement between the parties exchanging the confidential information. This articles explains benefits and some points to remember for entering into such kind of agreement.
What is Non-Disclosure Agreement A Non-disclosure agreement is a legal agreement between two parties where one party gives access to certain restricted information to the other party which shall not be disclosed to the outsider. Cases Where Execution of NDA are Necessary
Mutual Vs Non Mutual NDA There are 2 types of NDA: § Mutual non-disclosure agreement: Agreement where each party shares the information. This type of agreement is executed between businesses engaged in joint venture that involves sharing proprietary information § Non mutual or unilateral agreement: Agreement where only one side party will be sharing confidential information with the other side party. Importance of Entering Into NDA 1. Sometimes a non-disclosure agreement is entered into for the purpose of conducting due diligence or to protect confidential information. In such case in the absence of a non-disclosure agreement, due diligence may not take place. For example, a merger/takeover or the sale of a business. 2. Maintains the business relationship 3. It also defines the consequences for breaching of the terms of agreement Key Elements of Non-Disclosure Agreements A well-drafted non disclosure agreement specifies what information you don’t want the other party to disclose and what will be the consequences for breaching the agreement.
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