This form is used in connection with discussions between First Party and Second Party concerning First Party's potential acquisition of an interest in the prospect depicted on the plat attached to this Agreement as Exhibit "A". First Party is being furnished information which is either nonpublic, confidential, or proprietary in nature and which may include, but not necessarily limited to, geological and geophysical data, maps, models, interpretations, and commercial, contractual, and financial information.
Virgin Islands Confidentiality Agreement on Information About A Prospect
Category:
State:
Multi-State
Control #:
US-OG-197
Format:
Word;
Rich Text
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How to fill out Confidentiality Agreement On Information About A Prospect?
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FAQ
Obligations can include: not using or exploiting the confidential information in any way except for the purpose; not recording the confidential information except as strictly necessary for the purpose; not transmitting it in any form or by any means outside its usual place of business; and not directly or indirectly ...
Each Party (i)shall maintain the other Party's Confidential Information strictly confidential, (ii)agrees that it will take the same steps to protect the confidentiality of the other Party's Confidential Information as it takes to protect its own Confidential Information, which shall in no event be less than reasonable ...
A confidentiality agreement should include a clear definition of the confidential information, scope of the agreement, obligations of the receiving party, the duration of the contract, any exceptions to confidentiality, and the consequences of a breach of the contract.
Upon signing this agreement, [insert name of the receiving party] agrees not to use any sensitive, privileged, or confidential information disclosed to them by [insert your name or business name] for any purpose other than the intended use as would be relevant to the relationship entered into by the parties.
Make sure to include the confidential information you need to protect under the agreement, including business secrets, financial information, and customer data. The agreement should also specify the parties involved, including the disclosing and the receiving parties.
A typical confidentiality clause might say, "The phrases and circumstances of this Agreement are completely confidential between the parties and shall not be disclosed to anybody else. Any disclosure in violation shall be deemed a breach of this Agreement."
Here is a common example: CONFIDENTIALITY NOTICE: This message and any accompanying documents contain information belonging to the sender which may be confidential and legally privileged. This information is only for the use of the individual or entity to which it was intended.
The agreement should identify the purpose to which the recipient can put the confidential information. All other uses of the confidential information should be prohibited. Sometimes a confidentiality agreement states that no rights are licensed by the confidentiality agreement. This is stating the obvious.