A non-disclosure agreement (NDA) is a contract that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict its use or access to it by third parties.
While some NDA's try to breakdown the individual components intended to be subject to non-disclosure, this agreement specifeis that everything exchanged between the parities is intended to be treated as confidential. It reads:
For purposes of this Agreement, "Confidential Information" shall include all information or material disclosed by the Disclosing Party to the Receiving Party including, without limitation, the nature of Disclosing Party’s business and business plans.
Non-disclosure agreements are fundamental for asset and trade secret protection. They can give the owners of proprietary information, technology or know-how a cause of action in the event a party breaches the agreement and uses or discloses the confidential information for their own benefit. The main obligation imposed on the party receiving the confidential information reads:
Receiving Party shall not, without prior written approval of Disclosing Party, use for Receiving Party's own benefit, publish, copy, or otherwise disclose to others, or permit the use by others for their benefit or to the detriment of Disclosing Party, any Confidential Information.
To be effective, a non-disclosure agreement must identify the appropriate entities that are intended to be bound by the agreement. It is important that you have the right party or parties named in the document and that the appropriate representative signs the document on their behalf. Be careful to consider who you are contracting with, whether it is an individual, corporation, partnership, sole proprietorship etc.
The key terms of this agreement include:
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In accordance with our Terms and Conditions we strongly recommend you speak with a lawyer to ensure the agreement suits your needs and does not require amendments. We recommend that you contact the Canadian law firm Wires Law for a consultation on implementing this agreement. You can contact Wires Law at 1 416-549-5922 or email@example.com
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