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Non-Disclosure Agreement (NDA)
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Frequently Asked Questions
What is a Non-Disclosure Agreement (NDA)?
A Non-Disclosure Agreement or NDA enables a company or individual to explore the possibilities for a business deal before actually signing an agreement with the other party covering the terms to the business deal.
It is a good way of protecting your secret or sensitive information from being used by the other party or third-parties if the business deal doesn’t go ahead.
Reasons for using a Non-Disclosure Agreement might be:- a proposed franchise; a business acquisition; the appointment of an agent or distributor; demonstration of a plan, ideas or a prototype; hiring an employee; etc.
A Non-Disclosure Agreement is called a “Confidentiality Agreement”.
Types of Non-Disclosure Agreements?
There are two types of Non-disclosure Agreements … you can make either type with this iLawyer Questionnaire.
| One-Way Non-Disclosure Agreement |
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This type of Non-Disclosure Agreement is used when only one party is disclosing valuable or confidential information. For example, a One-Way Non-Disclosure Agreement could be used when an employer is hiring an employee and needs to share sensitive information with a prospective employee. |
| Two-Way Non-Disclosure Agreement |
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This type of Non-Disclosure Agreement is used when both parties are disclosing valuable or confidential information. Also called a “Mutual Non-Disclosure Agreement”. For example, a Two-Way Non-Disclosure Agreement could be used when two Businesses are considering collaborating or exploring the possibility of a merger and both parties need to reveal sensitive information. |
How do I get a Non-Disclosure Agreement (NDA)?
You can make a Non-disclosure Agreement with iLawyer right now.
Click the CREATE DOCUMENT NOW button at the top of this page to start building your quality personalised Non-Disclosure Agreement.
Is a "Non-Disclosure Agreement" the same as a "Confidentiality Agreement"?
Yes
How do Non-Disclosure Agreements (NDA) work?
A Non-Disclosure Agreement works by setting out what information is confidential and sensitive and must not be shared with others or used incorrectly.
The parties to the Non-Disclosure Agreement agree that misusing or sharing the information with others could cause irreparable damage to party disclosing the information and that, if the information is misused or shared, the Disclosing Party will have a claim for damages and be allowed to interdict the other party.
Do I need a Non-Disclosure Agreement (NDA)?
Whenever people or companies are sharing or receiving information that could be considered sensitive or confidential, it is a good idea to sign a Non-Disclosure Agreement.
If you do not want your information misused or shared with other people, sign a Non-Disclosure Agreement.
Is a Non-Disclosure Agreement (NDA) legally binding?
If the document is signed, it is legally binding and valid.
Non-disclosure Agreements do not apply to certain information, such as, information that is in the public domain.
What happens if you break a Non-Disclosure Agreement (NDA)?
If you break (or breach) a Non-Disclosure Agreement you open yourself up to legal remedies available to the Disclosing Party, such as claims for damages and the possibility of being interdicted.
These remedies need to be enforced by a Court or other body with jurisdiction. These Court Cases are often brought to the Courts on an urgent basis.
Can a Non-Disclosure Agreement (NDA) be signed between individuals?
Yes.
Non-Disclosure Agreements can be signed between 2 individuals; it can also be signed between an individual and a company; and, between 2 companies.
Can a Non-Disclosure Agreement (NDA) be signed electronically?
Yes.
iLawyer’s Non-Disclosure Agreement contains a clause that confirms the document can be signed in one or more “counterparts”. This means the parties to the Agreement can sign it separately and send each other copies of their signed agreement over by email.
Do you need a lawyer for a Non-Disclosure Agreement
There is no legislation or legal requirement that a Lawyer drafts or prepares a Non-Disclosure Agreement.
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