The parties desire to enter into discussions and negotiations regarding the purchase of material described in the agreement. The parties agree that any information obtained in the discussions will remain confidential and proprietary. All the terms and conditions of the agreement will be binding upon the successors and assigns of the parties and will survive the execution of the agreement and the termination of the discussions and negotiations between the parties.
Non Disclosure Confidentiality Agreement With Liquidated Damages In Clark
State:
Multi-State
County:
Clark
Control #:
US-00456
Format:
Word;
Rich Text
Instant download
Description
Free preview
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FAQ
Can you go to jail for breaking an NDA? Breaking an NDA usually doesn't result in jail time — as NDAs are civil contracts, not criminal agreements. Typically, the consequence is a breach of contract lawsuit, where the harmed party may seek financial compensation if the court rules in their favor.
Imagine a worker or former worker breaks an NDA. If the business learns of this, it may seek an injunction to prevent the employee from further disclosure. The business may also file a lawsuit seeking financial damages for all losses related to the breach of confidentiality obligations.
To create a Non-Disclosure Agreement, include the following information: The parties' names and contact information. The length of the non-disclosure period. The scope and definition of the confidential information. The obligations of the Non-Disclosure Agreement. The ownership and return information.
Special Damages: If a breach results in specific, quantifiable losses, like lost contracts or a dip in stock value, the affected party may be able to recover these specific damages. This requires clear evidence of the connection between the breach and the financial harm.
Direct damages, on the other hand, are those damages that are a direct and immediate loss caused by a breach and compensate for that loss. Examples of direct damages include costs to repair faulty work or additional work, as well as resulting general conditions expenses and project delay costs.
Liquidated damages are stipulated amounts agreed to by the parties to a nondisclosure agreement. The benefits of a clause for liquidated damages include: Quick resolution. No need for litigation for a breach of contract.
Completing the Confidentiality Agreement The "Receiving Party" is the person or company who receives the confidential information and is obligated to keep it secret. You'll need to fill in information specific to your circumstances in the spaces provided, such as the parties' names and addresses.
An NDA could be unenforceable if it is too broad, is not for a defined time period, covers information that is not confidential, or asks for illegal conduct.
Exceptions to Obligation of Confidentiality. Some common exceptions include information that is or becomes public through no act of the recipient, information that was already in the possession of the recipient as of the date of disclosure, and information that is disclosed by court order.
Both parties must enter into the NDA voluntarily and with a clear understanding of its terms. If there was coercion or deception involved, the agreement may not be valid.