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.
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