One way Non Disclosure agreement for discussion of business relationship. It imposes a unilateral obligation of confidentiality on the party who receives the information. This is drafted in short and simple form to procure signing without negotiation. This is drafted in favour of the disclosee.
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The NDA / Confidentiality Agreement for Business (One way / Unilateral) is a legal document that is entered into between two parties, namely the discloser and the disclosee. The discloser is the party that owns certain confidential information, while the disclosee is the party that wishes to evaluate that information to establish a business relationship with the discloser. The agreement is divided into several sections.
Section 1 defines key terms used in the agreement, while Section 2 outlines the obligations of confidentiality, stating that the disclose can only use the information for the purpose listed in the agreement.
Section 3 specifies that the obligations of confidentiality do not apply to information that is lawfully available to the public, previously known to the disclosee, disclosed by a third party, or independently developed by the disclosee.
Section 4 denotes confidentiality measures, for which the disclosee is required to disclose the information only to representatives who need to know it for the purpose and to take reasonable measures to ensure that those representatives keep the information confidential.
Section 5 addresses the duration of the obligations, which will terminate after the specified term or upon the termination of discussions.
Finally, the agreement includes a governing law and jurisdiction clause, and is signed by the duly authorized representatives of both parties.
Overall, the NDA / Confidentiality Agreement for Business (One way / Unilateral) is a crucial document that protects the confidential information of the discloser and ensures that it is used only for the intended purpose.
To effectively use the NDA / Confidentiality Agreement for Business (One way / Unilateral), follow these steps:
1. Understand the purpose: Familiarize yourself with the purpose of the agreement, which is to evaluate the confidential information for the potential establishment of a business relationship.
2. Identify the parties: Clearly identify the discloser and the disclosee by entering their names and principal places of business in the agreement. This ensures that both parties are accurately identified.
3. Define the information: Specify the confidential information that will be disclosed by the discloser to the disclosee. Be precise and comprehensive in describing the information to avoid any misunderstandings.
4. Establish obligations of confidentiality: The disclosee must undertake to keep the information confidential and use it solely for the purpose stated in the agreement. Emphasize the importance of maintaining secrecy and restrict the use of the information.
5. Specify exceptions: Clarify that the obligations of confidentiality do not apply to information that is publicly available, previously known to the disclosee, disclosed by a third party, or independently developed by the disclosee.
6. Implement confidentiality measures: The disclosee should disclose the information only to representatives who need to know it for the purpose. Take reasonable measures to ensure that these representatives keep the information confidential.
7. Determine the term: If applicable, specify the duration of the obligations. This can be a certain number of years or until the termination of discussions or execution of relevant documents.
8. Consider governing law and jurisdiction: Include a clause that states the governing law and jurisdiction for any disputes arising from the agreement. This provides clarity and avoids potential conflicts.
9. Sign the agreement: Ensure that the agreement is signed by the duly authorized representatives of both parties. This signifies their agreement to the terms and conditions.
By following these steps, you can effectively use the NDA / Confidentiality Agreement for Business (One way / Unilateral) to protect confidential information and establish a secure business relationship.