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Non Disclosure Agreement

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A Non-Disclosure Agreement (NDA), also known as a confidentiality agreement, is a legally binding contract in which one party agrees to give a second party confidential information about its business or products and the second party agrees not to share this information with anyone else for a specified period of time. NDAs are used to protect sensitive information and intellectual property by outlining in detail what information must remain private and what information can be shared or released to the public

What should be included in an NDA?

  1. Description of what is considered to be confidential
  2. Details of the parties to the agreement
  3. Details of access to confidential information
  4. Duties and obligations of the receiver of information
  5. Duration of confidentiality agreement
  6. Effect of breach of NDA
  7. Exclusions from confidential agreement

Frequently Asked Question

Why should you have an NDA?

An NDA is important where a business wants to restrict its employees or contractors or business allies from sharing confidential or sensitive information. This information could include trade secrets, client information, strategies, product information, or any other proprietary information they might have. When an NDA is created and signed by both the parties, it becomes a legal agreement. If there is a breach of agreement, the person who breached the agreement can be sued for claiming damages on account of loss arising due to sharing of confidential information

What is confidential information?

Confidential information can be designs, assembly drawings, know how processes, inventions, concepts, technical or commercial information, marketing strategies, models, patents, client data, computer programs or codes or any other information that is passed by the disclosing party to the receiving party

What are the kinds of Non Disclosure Agreement?

There are basically 2 types of non disclosure agreements as below:-

Unilateral or one-way agreement- Under this agreement, only one party has the information that has to be shared with the other party before the contract is signed. The party having the information is called disclosing party and the other party is called the receiving party

Mutual or Two way agreement- Under this agreement, both the parties have the information which they share with each other. Both the parties disclose and received valuable information which they promise to keep confidential

Is it mandatory to print the NDA on a stamp paper?

Yes, it is advisable that a non disclosure agreement needs to be printed on a stamp paper of appropriate value and notarized by a notary public

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