A non disclosure agreement, or NDA, is a legal document that aims to protect sensitive and confidential information that two or more parties wish to share. The NDA intends to prevent unauthorized individuals or entities from disclosing or using the confidential information for any purpose other than what is agreed upon.
If you are planning to draft an NDA, it is essential to have a sample format as a reference. Below is a standard NDA format that can help you create your own:
1. Introduction
The introduction of an NDA should state the purpose of the agreement and clarify the parties involved. This section must also indicate the type of information that will be protected under the NDA.
2. Definition of Confidential Information
In this section, the NDA should define the confidential information that will be shared between the parties. This may include trade secrets, financial information, or any other information that the parties agree to keep confidential.
3. Obligations of the Receiving Party
The receiving party is the individual or entity that will receive the confidential information. This section of the NDA outlines the obligations of the receiving party to ensure that they keep the confidential information safe and secure. These obligations may include the use of reasonable measures to protect the information, not disclosing the information to third parties, and limiting the access to the information only to those who have a legitimate need to know.
4. Obligations of the Disclosing Party
The disclosing party is the individual or entity that will share the confidential information. This section of the NDA outlines the obligations of the disclosing party to ensure that they do not disclose any confidential information that falls outside the scope of the agreement.
5. Term and Termination
The NDA should specify the duration of the agreement and when it will terminate. This section should also clarify the conditions under which both parties can agree to terminate the agreement.
6. Governing Law
The governing law of the NDA should be specified in the agreement. This section should also clarify the jurisdiction where any disputes arising from the agreement will be resolved.
7. Signature and Date
The NDA should be signed and dated by both parties. The signatures should signify that both parties agree to the terms of the agreement and are bound by it.
In conclusion, an NDA is an important legal document that should be taken seriously. Having a sample format to refer to can ensure that the agreement is comprehensive and can protect the confidentiality of the shared information.
