Non Disclosure Agreement | NDA Sample | NDA Format (1)

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Non-Disclosure Agreement (NDA)
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Non-Disclosure Agreement (NDA)

• A non-disclosure agreement (NDA) also popularly
  known as secrecy agreement or confidentiality
  agreement is a legal contract between parties
  stating certain information is to be kept
  confidential and the extent to which its
  disclosure is restricted to third parties.
• A Non-Disclosure Agreement can be
  entered into with a company or a person. It
  includes business plans, strategies, trade
  secrets and other similar information as
  confidential.

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Types of Non-Disclosure Agreement
In an NDA the party who provides the information
which is to be kept confidential is called the
disclosing party and the party who is provided
with the information is called the receiving
party. These are three types of NDAs

• Unilateral A Unilateral NDA can be simply
  understood as one-way NDA which states that only
  one party discloses secret information to other
  party and requires that information to be
  protected from disclosure.
• Bilateral A bilateral NDA involves two parties
  where both parties disclose their secret
  information to each other.
• Multilateral An NDA is said to be multilateral
  when at least one of the parties discloses
  information to two or more parties and
  anticipates the protection of that information.

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Elements in a Non-Disclosure Agreement
Confidential information The most important
element of an NDA is the information which is to
be kept confidential. Disclosure There should be
a clause which specifies the purpose for which
such information is to be used and to whom it can
be shared with. Term of contract The agreement
should specify the duration till which such
information cannot be shared. Remedies The
remedies which can be resorted to in case of
breach should be provided. Jurisdiction The
agreement should specify the courts of which city
shall have jurisdiction or where such a case
shall be adjudicated in case there is a dispute.
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Need for an expert to draft an NDA
The main problem of an NDA is to ensure all
important aspects have been covered or not.
A
poorly drafted NDA causes a lot of problems as
the contents are not clear and could lead to huge
trouble hence consulting an expert is better than
copying one which may land you in trouble in
future.


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