Develop Phase: Preliminary Agreements - Non-disclosure agreements
3 important questions on Develop Phase: Preliminary Agreements - Non-disclosure agreements
Which classification types have NDA and what do they mean?
Non-disclosure agreements are classified as either one-way (unilateral) or mutual.
A unilateral NDA is used when only one will be disclosing information
A mutual non-disclosure is use when both parties will be receiving and disclosing confidential information.
A unilateral NDA is used when only one will be disclosing information
A mutual non-disclosure is use when both parties will be receiving and disclosing confidential information.
Which 5 areas should be covered in a simple straight forward NDA?
- definition of confidential information
- Exclusions from confidential information
- Obligations of the parties
- Time period
- Miscellaneous provisions
What is the prime consideration to determine the reasonableness of a term to look at the information being disclosed?
- A longer term is appropriate in case of intellectual property that is not likely to go into the public domain (software or inventions)
- A shorter term meets the business need if the information is about a business plan that will be executed over the next twelve months
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