What are Non-Disclosure Agreements?
A Non-Disclosure Agreement is a legally binding agreement between the parties that establishes a confidential relationship between them. The parties signatory to this agreement abides by the condition that no information will be leaked to an outsider in any circumstance. These agreements are commonly used between joint ventures business, employer-employee relationships, research works, and others.
What is the benefit of having a Non-Disclosure Agreement?
There are various benefits of Non-Disclosure Agreements as it establishes the relation of confidentiality between the parties. Moreover, each confidential information of business is kept secret, whether it is related to future patents, research and development, finances, negotiations, client details, data, and others. Thus, due to non-disclosure agreements companies entering some discussion can freely discuss each possibility without any fear of the breach in data or information.
What role does drafting play in making Non-Disclosure Agreement?
It is very important to draft a good Non-Disclosure Agreement in order to avail all the benefits emanating from it and also to avoid any dispute in the future. Therefore, drafting skills play an important role and a good drafting skill can safeguard the interest of all the parties for a longer time. In drafting a non-disclosure agreement the draftsman must be very careful and must bear in mind how to deter the other party so that breach of the non-disclosure agreement can be avoided.
EuroMea Legal Services works in a highly proficient manner in order to draft the non-disclosure agreements and secure the interest of our clients. Here are some of the key points required in drafting up of non-disclosure agreements;
KEY POINTS
- Title of the agreement must be clear
- There must be correct details of business with address and names of the parties entering into agreement
- Definition clause which can clearly specify the meaning of confidentiality
- Duties and Obligations of all the parties must clearly be specified
- There must be terms and conditions require for the termination of contract
- Exceptions clause must be provided which can specify the nature of information can be excluded
- There must be a deter clause which can specify the consequences if any party to agreement breaches the confidentiality
- Time and extent of agreement must be specified
- It must also contain dispute resolution clause which can specify the situation of laws applicable in case any dispute arise between the parties
EuroMea Legal Services is always committed to providing the best advice and results to our clients. Therefore, in case you need any suggestions or help in relation to the matters related to Shareholders Agreements you can contact us freely. Our team is fully committed in order to perform their duty and in delivering the best results.
