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Non-Disclosure Agreement Overview
A non-disclosure agreement (NDA) is a legal contract that states certain information to be confidential and the extent to which its disclosure is restricted to third parties. It can be entered into with a person or an organization.
Confidential information includes trade secrets, business plans, business methods and strategies, drawings, charts, and so on. Software programs and code are also included in the category of confidential information. Consultants and agencies are usually asked to sign one to protect trade secrets as they mostly work with multiple organizations within the same industry.
In general, there are 3 types of nondisclosure agreements-
One-way or unilateral agreement- Here, only one party has the confidential information to be shared with another party. The party in possession is called the ‘disclosing party’ and the other one is named the ‘receiving party’.
Two-way or bilateral agreement- Here, two parties are involved and both have the confidential information to be shared.
Multilateral agreement- Here, 3 or more parties are involved. One of them discloses sensitive or confidential information and the others promise to protect such information from further disclosures.
Benefits of a Non-disclosure Agreement
Protects Business Secrets
An NDA is one of the most common ways to protect trade secrets and other confidential information. Consultants and agencies are usually asked to sign one to protect trade secrets.
Enhances Client Relationships
Businesses that work on third-party projects require their employees to sign NDAs, to restrict the use and disclosure of confidential information, and assure clients that their data is safe.
FAQ
What are non disclosure agreements?
A non-disclosure agreement also commonly termed as confidentiality agreement is a contract which prevents one party to disclose any information related to the former employee to the other party.
What kind of information is protected under Non-Disclosure Agreement?
A non-disclosure agreement prevents from disclosing any non-public business information. It also prevents from sharing any information related to the business or the organization.
Which act governs Non-Disclosure Agreement?
The Non-Disclosure Agreement is governed by the Indian Contract Act, 1872.
What are the different categories of Non-Disclosure Agreement?
Non-Disclosure Agreement is of three different categories namely, Unilateral Agreement, Bilateral Agreement and Multilateral Agreement.
Mention the key elements of Non-Disclosure Agreements?
The key elements of Non-Disclosure Agreements are parties must be identified, definition of what is to be held confidential, scope of confidentiality obligation by the receiving party should be mentioned, exclusion from confidential terms and the terms of the agreement must be there.
What are the advantages of a Non-Disclosure Agreement?
A non disclosure agreement does not allow the parties to disclose any confidential information to any other organization or person.
Mention the ways by which the breach of Non-Disclosure Agreement can be considered valid?
The privacy breach of a Non-Disclosure Agreement can be done online either by the involvement of a third party or by an internal breach.
What are the remedies available to the parties in case of breach of Non-Disclosure Agreements?
The only remedy available with the parties is to approach the Court of law.