Non-Disclosure Agreement (NDA) A Term You Need to Know
A non-disclosure agreement (NDA) is a legal contract between two parties that restricts one party from sharing confidential information with others. NDAs are commonly used to protect sensitive information, such as trade secrets, intellectual property, and proprietary information, from unauthorized disclosure.
NDAs typically include provisions that outline the confidential information that is being protected, the obligations of the recipient of the information, and the consequences of unauthorized disclosure. The agreement may also include provisions related to the duration of the NDA, the permissible uses of the confidential information, and the procedures for returning or destroying the confidential information at the end of the agreement.
NDAs can be unilateral, bilateral, or multilateral, depending on the number of parties involved and the types of confidential information being protected. NDAs are often used in business and legal settings, and can be critical for protecting the interests of companies and individuals.
It is important to carefully review and understand the terms of an NDA before signing it, as the penalties for violating an NDA can be severe, including legal action, monetary damages, and loss of business opportunities.View More Definitions
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