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.
Confidentiality Agreement Form Template With Time Slots In Montgomery
State:
Multi-State
County:
Montgomery
Control #:
US-00456
Format:
Word;
Rich Text
Instant download
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FAQ
Except as expressly provided in this Agreement, the Party receiving Confidential Information (“Receiving Party”) shall not use the Confidential Information in any manner or disclose the Confidential Information to any third party without prior written consent of the Party making the disclosure (“Disclosing Party”).
Most NDAs define a specific duration for keeping information confidential, often a set number of years. Agreements with indefinite terms typically specify when protections cease. NDAs usually last between one and five years, but this can vary based on the transaction or market conditions.
Most confidentiality and nondisclosure agreements provide a specific term of nondisclosure (e.g., one to three years). Some confidentiality and nondisclosure agreements, on the other hand, are open-ended in duration, although they won't be legally enforceable to the extent the confidential information becomes public.
Typically, a legal professional writing the NDA will complete these steps: Step 1 - Describe the scope. Which information is considered confidential? ... Step 2 - Detail party obligations. Step 3 - Note potential exclusions. Step 4 - Set the term. Step 5 - Spell out consequences.
“The Receiving Party agrees to maintain the confidentiality of the Disclosing Party's Proprietary Information for a period of five (5) years from the date of disclosure, unless such information becomes publicly available through no fault of the Receiving Party or as required by law.”
Whether or not the overall agreement has a definite term, the parties' nondisclosure obligations can be stated to survive for a set period. Survival periods of one to five years are typical. The term often depends on the type of information involved and how quickly the information changes.
So, really, the moral of the story is to be thorough and fair when drafting your agreement. The number of pages may realistically range from 2 – 6 but that number is irrelevant, at the end of the day. Focus on content.
A confidentiality agreement should include the names and addresses of the parties to the contract. Consider also including: Reason for the agreement: Explain why you're sharing this information. The information disclosed: Be specific about the subject matter and what exactly is included in the agreement.
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.
You don't need a lawyer to create the agreement, but you may need someone with legal expertise to review it. We recommend consulting with a legal expert to ensure your agreement fully protects your organisation's interests when the document is first created.