NON DISCLOSURE AGREEMENT
A Non-Disclosure Agreement (NDA) is a legally binding contract that establishes a confidential relationship. The party or parties signing the agreement agree that sensitive information they may obtain will not be made available to any others. An NDA may also be referred to as a confidentiality agreement.
The Key Elements of Non-Disclosure Agreements
Identification of the parties.
Definition of what is deemed to be confidential.
The scope of the confidentiality obligation by the receiving party.
The exclusions from confidential treatment.
The term of the agreement.
Below are some of the types of NDAs that exist:
One-Sided NDAs (sometimes referred as Unilateral NDAs) NDAs under which only one party discloses its confidential information to the other party.
Mutual NDAs (sometimes referred as Bilateral or Multilateral NDAs) ...
Merger and Acquisition (M&A) NDAs. ...
Every NDA is unique so each one will last a different amount of time. Common timeframes range between one year to 10 years, however, depending on the information that is to be kept private, an NDA may be indefinite.
Violating an NDA leaves you open to lawsuits from your employer, and you could be required to pay financial damages and possibly associated legal costs. It's illegal to reveal trade secrets or sensitive company information to a competitor.