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Non-Disclosure Agreement (NDA) often arise when two companies are about to do business together. It also may arise between an employer and employee. Furthermore, often referred to as a confidentiality agreement. This is a very common way to protect company trade secrets. We will discuss what NDAs are and its importance.
What is Non-Disclosure Agreement (NDA)?
NDAs are legally-binding contracts which govern the sharing of information between different persons or organizations and sets out any conditions or penalty on the use of the information. This confidential relationship refers to the information that is to be shared between the parties. However, the information cannot be made available to the general public. The information may include a company’s strategy, business plans or potential customers. One party may seek court action if an NDA is breached by the other party. Either to prevent any further disclosures or for monetary damages. Software programs and code are also confidential information.
When & Why Should I Use A Non-Disclosure Agreement?
You might want to make use of a Non-Disclosure Agreement when you are disclosing any of your company’s information having commercial value. An information which is not yet in public domain or any other type of information. An information you deem to be confidential.
However, making use of a Non-Disclosure Agreement ensures that your information remains confidential. It requires the other party to take reasonable measures to keep the information confidential. And formal prevent them from disclosing it to any other party.
Types Of Non-Disclosure Agreement(s)
- UNILATERAL ( One Way NDA ):- This type of NDA involves one party disclosing valuable information to the other party. The other party, which in turn promises to protect the information. An employer and an employee system can make use of this type of NDA.
- BILATERAL (Mutual NDA ):- Here involves both parties disclosing valuable information. Also, both parties promise to protect the information shared.
Basic Elements A Non-Disclosure Agreement Should Possess
- An Effective Date:- when the promise of privacy starts.
- The Transaction::- the potential business relationship.
- The Confidential Information:- private or valuable data
- The Disclosing Party:- the individual sharing information
- The Receiving Party:- the individual receiving information
- The Representatives:- other people who may share, receive or protect information like an agent or advisor.
- Timeframe:- This includes how long the agreement will run.
Non-Disclosure Agreement (NDA) Online Application Form
Meanwhile, with the knowledge of an NDA already, we can say we are ready to get an online application form. You can build, save, and sign NDA online. All you would have to do is to answer