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 King
State:
Multi-State
County:
King
Control #:
US-00456
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Some of the exception clauses are: – Information that is in the public domain. – Information that the disclosing party disclosed before signing the agreement. – Information received by the “receiving party” from a third party, wherein the third party was not obliged to keep the information confidential.
For example, a liquidated damages clause might state that a contractor will owe the owner $500 per day for every day past the project deadline that substantial completion is not achieved.
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.
Exclusions: These are the types of information which do not need to be kept confidential. This might include public knowledge, previously disclosed details, or information someone knew before entering a business or financial relationship with a company or firm.
Typically, exclusions include information that: Is already known to the public. Was in the recipient's possession before being disclosed. Is independently developed by the recipient.
Public policy concerns. NDAs are not for the purpose of covering up illegal activities or preventing whistleblowing. If the agreement goes against public policy, it may not be enforceable.
In the workplace, a breach of confidence can take place when a worker, either intentionally or unintentionally, discloses or uses information that could damage the employer's business, clients, or employees. If a worker breaches confidentiality, legal action may be taken against them by their employer.
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.
Monetary damages, Compensation for financial losses suffered by the affected party, Injunctive relief through court orders to prevent further unauthorized disclosure, and. Rescission of contracts or agreements impacted by the breach.
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.