Illinois Joint Nondisclosure Agreement for Use in Technology Transactions

State:
Multi-State
Control #:
US-TC0306
Format:
Word; 
PDF; 
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Description

This joint nondisclosure agreement is used to provide appropriate protection for confidential information. It defines "confidential information" and prescribes the way it may and may not be used.

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FAQ

Mutual non-disclosure agreements (NDAs) are legal documents that establish a confidential relationship between two or more parties. The purpose of a mutual NDA is to protect sensitive information that may be shared between the parties during the course of their business dealings.

In Illinois, the confidentiality obligations are finite. Your NDA may not continue indefinitely. To ensure your agreement is enforceable, add a reasonable time limit to the confidentiality obligation. This is typically ?during the course of employment? or for a short time period thereafter.

A bilateral NDA (sometimes referred to as a mutual NDA or a two-way NDA) involves two parties where both parties anticipate disclosing information to one another that each intends to protect from further disclosure. This type of NDA is common for businesses considering some kind of joint venture or merger.

For example, NDAs that prevent an individual from reporting illegal or unethical activity in the workplace may be deemed unenforceable because they interfere with important public policy goals, such as maintaining the integrity of the workplace and preventing discrimination or harassment.

The law makes it illegal to enforce an NDA that would prevent a sexual harassment or assault victim from speaking out about their allegations. The law makes it clear that it applies to any claim that is filed after the date that the bill was signed into law, regardless of when the NDA was dated.

While Washington and California have passed Silenced No More Acts, other states, including New York, Illinois, New Jersey and Oregon, have enacted their own NDA-narrowing provisions that cover all forms of employment discrimination.

An NDA is a legally binding agreement between at least two parties that outlines the confidential knowledge, information, or material that parties want to share with each other for business purposes but also to restrict access to.

Like non-compete agreements, however, non-solicitation agreements are only enforceable if a court determines that they are reasonable. Our non-solicitation agreement litigation attorneys can advise Chicago clients on whether a particular agreement is likely to be reasonable.

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Illinois Joint Nondisclosure Agreement for Use in Technology Transactions