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Draft a mutual rescission and release agreement. Your lawyer can draft the necessary paperwork. A valid rescission agreement should identify the NDA by date and explicitly state that parties mutually agree to rescind the original agreement. Keep a copy of the signed agreement with your records.

No Expiration Dates So long as they are kept secret, trade secrets do not expire. Likewise, the confidentiality obligations in an NDA should have no expiration date.

A non-disclosure agreement (NDA) is an agreement in contract law that certain information will remain confidential. As such, an NDA binds a person who has signed it and prevents them from discussing any information included in the contract with any non-authorized party.

Therefore, the NDA term depends upon the disclosure of confidential information to another party and if at all any of the Party wants to terminate the agreement due to any reason the same should be mentioned in the agreement that either of the party may terminate the agreement by giving notice to the other party.

5 Situations That Require a Non-Disclosure AgreementDiscussing the sale or licensing of a product or technology.When employees have access to confidential and proprietary information.Presenting an offer to a potential partner or investor.Receiving services from a company that has access to sensitive information.More items...?Feb 2, 2017

Term of agreement and survival of nondisclosure obligationsConfidentiality agreements can run indefinitely, covering the parties' disclosures of confidential information at any time, or can terminate on a certain date or event.

Most NDAs terminate at some point. Parties may agree on a specific term depending on the nature of shared confidential information and on what each party considers valuable to its operations. It is also common for NDAs to be silent when it comes to duration.