Confidentiality Between Parties With Mutual Interests
Description
How to fill out Confidentiality Agreement (Between Parties Contemplating A Transaction)?
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FAQ
Mutual disclosure is an agreement between two or more parties where it is agreed not to share confidential information for a certain period of time or indefinitely. These types of agreements are frequently included with employment contracts when a company has trade secrets to protect.
A mutual confidentiality agreement is also sometimes called a mutual non-disclosure agreement. It is a legal document and contract that requires both parties that sign the agreement to not disclose any information protected by the agreement.
"There are several key pieces of information that should be included in NDAs, or non-disclosure agreements. The most important items include customer lists, financial and profit margin information, product breakdowns, bestselling segments and sales scripting and messaging."
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.
A mutual confidentiality agreement (also known as a non-disclosure agreement or NDA) where both parties will be disclosing confidential information to each other for general commercial purposes.