How to Write a Standard Non Disclosure Agreement
If a business begins with a serious discussion or negotiation without a non-disclosure agreement, it can be dangerous. In fact, there are many valuable confidential information & data that must be protected. A standard non disclosure agreement will provide a vital protection. Now, let’s see it in more detailed.
Tips in Creating a Standard Non-Disclosure Agreement
There are some tips you will need to consider in writing a standard non-disclosure agreement template. The first is nature of obligation. It prohibits one party to use certain info from others wrongfully. It requires the parties to protect the confidential info as securely as possible.
Besides, you have to decide whether you will use a mutual or a unilateral one. Generally, each party is going to disclose sensitive information. Therefore, it makes sense to include mutual confidentiality obligations in the agreement. So, it gives benefits to both of the involved parties.
Then, it is very important to protect the confidential information. That is why this agreement has to define the exact information included in the term. It is better if there are some examples in the agreement. For examples are financial and technical information related to the business or company.
Next, it should also provide the mechanism to identify the protected information after the disclosure. In this case, this agreement can state that the confidential information should be marked or identified as confidential in the subsequent writing. So, both parties will understand that they belong to confidential.
A standard non-disclosure contract template also needs to state that the confidential information will be used for a particular purpose only. For example, it will only be used for exploring the possibility of business relationship between 2 parties and there is no other purpose. It should be in separated one.
Typically, this agreement also contains permitting disclosure. It is by the recipient to his or her employees, accountants or attorneys who are in response to a court order or who have a legitimate need to know. This information must be stated clearly & explicitly. So, be specific and detailed as well.
Duration of the obligation must be stated in this contract, too. In fact, there are many cases where an agreement comes without this term. Then, the obligation of confidentiality can be described as lasting. For example, you can simply write “For the terms of this non-disclosure contract & ….. years thereafter”.
Then, it is also very important to include the remedy of breach. Sometimes, there is a case where one party breaches the agreement. If it happens, it must be clear about the remedy. Besides that, you also have to state the consequences of breaching the agreement as detailed & clear as possible.
Last, a standard non disclosure agreement needs to set out a mechanism for the enforcement as well as for resolving a dispute on the damage which is caused by a break of contract. It can be through a lawsuit that will be filed in a court. However, it is also possible to have an alternative arbitration forum.
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