Non-Disclosure agreement

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What is Non-Disclosure agreement?

A non-disclosure agreement (NDA) is a legally binding contract that establishes a confidential relationship. The party or parties signing the agreement agree that sensitive information they may obtain will not be made available to any others. An NDA may also be referred to as a confidentiality agreement. Non-disclosure agreements are common for businesses entering into negotiations with other businesses. They allow the parties to share sensitive information without fear that it will end up in the hands of competitors. In this case, it may be called a mutual non-disclosure agreement.

Deliverables

NDAs may be customized for any situation. In general, there are usually six major elements that are considered essential to any non-disclosure agreement: Every non-disclosure agreement must specifically designate who every party involved entails. The individual receiving the sensitive information may be a specific person, all employees of another specific company, or any representative of the company. On the other hand, it’s very important for a company to appropriately define itself in an NDA. For example, consider companies with complex legal structures. The company must appropriately determine which legal entity has ownership of the information; in many cases, a company may simply list any legal entity under a broad ownership umbrella.

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