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NDA Signatories means such prospective Lenders or purchasers of Equity Interests of the Borrower that have executed a customary non-disclosure agreement for the benefit of the Borrower and its Subsidiaries.
For some companies, all employees will be required to sign the agreement; for others, only select departments or types of employees will be subject to the agreement. NDAs may also be used before discussions between a company seeking funding and potential investors.
Once you have established that you have indeed the correct company name on the agreement, you now need to identify whether the person signing the non-disclosure has the powers to bind the company in such an agreement. Ideally, this would be the CEO of the company.
You do not need a lawyer to create and sign a non-disclosure agreement. However, if the information you are trying to protect is important enough to warrant an NDA, you may want to have the document reviewed by someone with legal expertise.
When an employee is hired, they sign a unilateral NDA agreeing not to share information learned on the job. By contrast, if one company is merging or acquiring another company, a mutual NDA ensures none of the parties participating in the process divulge confidential information.
Identifying The Parties In An NDA Contractors should sign the agreement prior to commencing work with the company. This is because the contractor will likely gain access to sensitive information that could jeopardise the business. Those typically asked to sign an NDA are contractors, directors and employees.
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.
Add a section that outlines the parties' obligations to keep the information confidential. In most cases, this requires taking steps to prevent access to information by others. This section needs to be clearly defined, and you may ask legal experts to overview this to make sure you are covered for breach of contract.