A company and a contractor are negotiating a possible transaction. The contractor has requested information concerning the business of the company. As a condition of the contractor being furnished with the requested information, the contractor agrees to treat such information as being confidential and the information will be used solely for the purpose of evaluating the tentative transaction between the parties.
Confidentiality and Nondisclosure Agreement - Evaluation Materials
State:
Multi-State
Control #:
US-00457
Format:
Word;
Rich Text
Instant download
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FAQ
Confidentiality agreements usually allow the recipient to disclose confidential information if required to do so by court order or other legal process.
Disclosing parties may say they would prefer to have their information held confidential forever. More typically, however, confidentiality provisions in commercial transactions survive from two to five years. Any personal information should be held in confidence indefinitely.
A definition of confidential information. Who is involved. Why the recipient knows the information. Exclusions or limits on confidential information. Receiving party's obligations. Time frame or term. Discloser to the recipient.
1. Confidentiality Agreement is used when a higher degree of secrecy is required. Non-disclosure implies you must not disclose personal or private information. But keeping confidential implies you be more proactive in making sure information is kept secret.
And while every non-disclosure agreement is as unique as the parties and the agreement involved, terms of 1 10 years are standard, with the duration of confidentiality lasting indefinitely on trade secrets and as long as possible (or as is necessary) for other forms of IP.
Most NDAs terminate at some point.It is also common for NDAs to be silent when it comes to duration. However, setting an expiration date can be an important term of the agreement. The time should be commensurate with the useful life of the confidential information.
It's important to have confidentiality provisions survive the termination of an NDA.To protect its trade secret information, a company may indicate that the NDA will have a term of 2 years but certain aspects of the confidentiality provision will remain in effect for many years after the NDA or even indefinitely.
Look for broad and vague language: When analyzing an NDA, make sure the definitions of proprietary and confidential information are thoroughly defined. Be skeptical of broad and vague language that opts to unreasonably limit your ability to discuss and divulge information.
The cold hard truth is that most NDAs do not hold up in court. Non-Disclosure Agreements are most effective in establishing a paper trail of confidential information as it relates to partnerships, and discouraging partners from misappropriating proprietary information.