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 Massachusetts
State:
Multi-State
Control #:
US-00456
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Here are the primary forms of damages available in NDA litigation: Compensatory Damages: These are designed to compensate the non-breaching party for actual losses caused by the breach, such as lost business opportunities, reputational damage, or financial harm.
NDAs restrict you from disclosing your employer's trade secrets or confidential information beyond your employment with the company. An NDA safeguarding a company's confidential data is a common provision, and, for the most part, enforceable.
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.
You want to have a letter drafted that documents all of the instances that you've captured of a person who's violated your non-disclosure agreement. Capture them, look at the letter before you send it, and make sure that you're going to be able to establish the breaches.
Because this would not be fair to the other party, Massachusetts law refuses to enforce liquidated damage clauses that are punitive to the breaching party. Only liquidated damage clauses that reasonably estimate the losses that the non-breaching party would sustain are enforceable in the state.
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.
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 constitutes a legally binding agreement, albeit without the same level of scrutiny as a non-compete clause. It solely restricts the use of information rather than overall competition. Typically, the agreement will specify that the employer is entitled to injunctive relief in the event of a 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.
