Non-Disclosure Agreement (NDA)

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Non-Disclosure Agreement (NDA)

Drafting NDA

An NDA is a confidentiality agreement wherein the parties involved agree not to disclose the “Confidential Information” covered by the Agreement. It is generally signed or executed between parties who are planning to work with each other or have started working with each other and shall be sharing confidential information during a transaction. Hence, it is commonly used by companies, individuals, employers and other entities to protect their trade secrets and other critical work details. An NDA is also known as a confidentiality agreement, proprietary information agreement, or secrecy agreement. NDA is usually of three types:

1. Unilateral NDA

It involves two parties, but only one party is restricting the other party from further disclosure of their information which is termed as “confidential information.”

2. Bilateral NDA

It is commonly known as Mutual NDA. It involves two parties, and both parties restrict each other from further dissemination of the information to the third party.

3. Multilateral NDA

It involves three or more parties, out of which at least one of the parties discloses the information to other parties and intends to protect the same from further dissemination. Instead of having two-three unilateral or bilateral NDAs, one can have a single Multilateral NDA.

The key elements of Non-Disclosure Agreements:

Definition of confidential information
Scope of confidentiality obligations
Exceptional circumstance in which disclosure is permitted
Term of the Agreement
Arbitration clause
Governing Law and Jurisdiction

Drafting of NDA is simple with LegalWiz.in as it has experienced lawyers who ensure the highest customer satisfaction and timely delivery of services. This entire process is managed online, with regular communication and assistance by the professionals available throughout. We have clients in all major cities of India including Mumbai, Delhi, Bangalore, Pune, Ahmedabad, Hyderabad, and more. Our services have equally relevant reach within smaller cities and towns in the country.

Advantages of NDA

Protection of sensitive information

An NDA protects sensitive information of the parties executing it. A business losing its trade secret to a competitor can cause great damage to the business. An NDA protects the trade secret along with other sensitive business information.

Secures patent rights for new inventions

A well-drafted confidentiality agreement can secure the confidential information which may include the patentable concept of the invention of the inventor. Public disclosure of such information may void the patent rights of the inventor.

Defines Confidential information

A Non-Disclosure Agreement defines confidential information that helps parties to understand as to what information shall be considered confidential. It should be clear to both the parties what information ought not to be disclosed as confidential information can be extensive and it can cover anything and everything. Lack of clarity can lead to disputes between the parties.

Dispute resolution

A confidentiality and non-disclosure agreement may include a clause relating to the resolution of disputes. Disputes can be resolved in several ways, and parties are free to choose any method. One of the popular methods is Arbitration, which is preferable over lengthy litigation. If the parties are clear about their dispute resolution, then there would be no conflicts upon the same in the future.

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Procedure to get the legal drafting done

DAY 1 - Collection

Discussion and collection of basic Information

DAY 2 - Execution

Drafting of Document by Professionals

DAY 3 – Submission

The first draft shall be sent to you for your review.

*If you feel you require any changes then you can contact the Professional at LW and he/she shall make the changes.
*2 amendments/iterations are included in the original drafting charges.

Explore FAQs for NDA

Frequently Asked Questions

Why are NDA’s important?

NDA helps in protecting sensitive information of one’s business, dissemination of which to the competitors may cause damage to the business. Apart from that NDA helps in protecting the new invention which may be patentable.

Is it mandatory to notarize the NDA?

An NDA needs not to be mandatorily notarized by a public notary, but stamp duty has to be paid on the same. Stamp duty rates can be checked in the Schedule of the applicable Stamp Act as it differs from state to state.

What can be included in confidential information?

Confidential information may include any information which a business does not want to go public. It may include tangible as well as intangible information.
A non disclosure agreement may include but is not limited to any information stored in the form of documents or mails or in any other way related to the business’s structure, operating procedures, intellectual property, trade secrets, client lists, products and services and any other important information.

What can you do if the other party breaches the terms of NDA?

In case the party to the NDA breaches the confidentiality obligations, then the aggrieved party can take legal action and ask for compensation as prescribed under the NDA.