A non-disclosure agreement, commonly known as an NDA, is a legal document that outlines confidential information being shared in certain transactions or business relationships. As well as outlining what that confidential information is, an NDA also acts as a contract that prevents that information from being shared with anyone outside of established parties.
NDAs are commonly used in business agreements of all kinds to protect confidential information. This information is usually related to company employees or clients, particular trade secrets, profits and losses for the company, and anything else that the buyer will be taking on in the sale.
Employees frequently sign NDAs as part of their employment contract so that they can’t share details about their employer’s business practices, clients, or other details with other businesses or competitors. Inventions and even recipes can also be part of an NDA.
A non-disclosure agreement will usually include basics such as who the parties signing and involved in the relationship are, any time restrictions on whether or not the information can be shared, a list of the information to be kept confidential, specific obligations and ownership details, and the signature(s) of those involved.
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