Non Disclosure agreement for a basic information exchange agreement applicable where two parties are agreeing to exchange confidential information before concluding a binding joint venture agreement. It imposes a mutual obligation of confidentiality on the parties who provide and receive information at the same time. This form imposes stricter / tighter obligations on the parties.
Party 1 and Party 2 have each requested the other to make available confidential information concerning the other, its subsidiaries and their businesses for the purposes of evaluating a transaction relating to a possible joint venture in the field between Party 1 and Party 2. The parties, for their mutual benefit, have exchanged and wish to further exchange such confidential information subject to the terms and conditions of this Agreement.
In consideration of the mutual exchange and disclosure of the Information, each party undertakes in relation to the other's Information:
(a) to keep the Information confidential and to use the Information exclusively for the Purpose and for no other purpose;
(b) not to copy, reproduce or reduce to writing any part of the Information except as strictly necessary for the Purpose without the prior written approval of the disclosing party and that any such copies or reductions to writing shall be the property of the disclosing party;
(c) not to use, reproduce, transform or store any of the Information in an externally accessible computer or electronic information retrieval system; and
(d) not to transmit any of the Information in any form or by any means whatsoever outside of its usual place of business without the prior written approval of the disclosing party.
For the avoidance of doubt, the receiving party will not disclose any Information to any other person who may reasonably be regarded as a potential party.
Non Disclosure Agreement,