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A non-disclosure agreement (NDA), sometimes referred to as a non-disclosure form or NDA form, is a contract for a business relationship where the parties involved agree to enter a confidential relationship to protect the information described in the agreement. According to the Small Business Administration, NDAs can cover any information, knowledge, or material that is not already public or that people may already know. However, many states also have laws that govern NDAs and provide injunctive relief if they are violated. So, while the SBA gives good information on what may be included in a confidentiality statement, you should consult the law to ensure that your NDA is legal and can be enforced.
NDAs are often created when two parties agree to conduct business with each other. Examples include working with a consultant, meeting with potential directors or officers, considering a joint venture, or considering another potential business relationship. It is also used in employer-employee relationships.
Mutual VS Non-Mutual NDA: What’s the Difference?
A mutual non-disclosure agreement means that both sides share sensitive information related to business practices with each other. Both parties are bound to keep that information confidential. With a non-mutual NDA, which is also referred to as a unilateral NDA, only one side shares information. The recipient is legally obligated to not share that information with others.
NDAs are also called confidentiality agreements, proprietary information agreements, confidential disclosure agreements (CDA), hush agreements, or secrecy agreements (SA).
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