Non Disclosure Agreement

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Presentation Description

In today era of dynamic business environment, a lot of new business ideas and innovations are conceptualised every day and therefore non disclosure agreement have become an essential part of business process. A NDA protects your business proprietary information and cast obligation on receiver to treat this properly in the given manner.

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Presentation Transcript

Non Disclosure Agreement:

Non Disclosure Agreement

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In today era of dynamic business environment, a lot of new business ideas and innovations are conceptualised every day and therefore non disclosure agreement have become an essential part of business process. A NDA protects your business proprietary information and cast obligation on receiver to treat this properly in the given manner. The non disclosure agreement is executed with the sole objective of protecting the confidential information or proprietary information exchanged between the parties during a business transaction. The non disclosure agreement is also known as confidentiality agreement. This is a legally binding contract in which one party commits to keep secure the information shared during a business discussion or transaction between two parties.

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In case both the parties share critical and confidential information with each other then this protects both parties and binds both the parties from divulging information to anyone or in the manner without proper authorization. In this case it is known as bilateral non disclosure agreement. NDA basically has following elements: a . It defines what will constitute the confidential information like customer data, business plans, software code, financial information and so on; b . It cast obligation on the shoulder of receiver not to share these critical and secret information to anyone;

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c . It may also contain the exceptional circumstances when any disclosure will not be treated breach of contract for example disclosure required under any law or order of the court or the information which is already in public domain etc; Generally non disclosure agreement in being entered into when two companies, individuals or other entities are negotiating a business deal or transaction and intends to have proper safeguard before disclosing any business information to the other party because sometimes confidential information needs to be shared with each other for the purpose of evaluate the proposed business relationship. Similarly, if a person has a great business idea in his mind and talking to his advisor or potential investor or joint venture partner,

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he may be relaxed only when the back up of this agreement is with him, otherwise he will be afraid while disclosing any business idea to anyone . Non Disclosure Agreements are important for all types of businesses and commercial transaction including small businesses and start-up business who mostly are dependent upon external advisor and contractor to perform certain work on their behalf. Even in today era, most of the corporate enter into this agreement with their employees as well so that internal crucial and secret information and formulae can be safeguarded and protected well. The confidentiality agreement

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may get signed at the time of employment of a new joinee or the start of the work of a particular project which is very critical for the company. Any information or ideas shared by the company or its owner to his most confidential employee may have chances of leakage if it is not supported by legal agreements and documentations. Therefore whatever may be your business nature like start up or established one, software business or hardware business or manufacturing business, you need a proper drafted non disclosure agreement to protect your business interest and its proprietary information. For more details on non disclosure agreement , be sure to check out this site

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