Non Disclosure Agreement (NDA): Definition & Definitive Guide

Two Types of NDAs

Generally, there are two types of Non Disclosure Agreements:

1. Unilateral:

Here one party agrees to not disclose information given by the other party. These are very common in everyday lives. For example, contracts with employees, clients, vendors, etc.

2. Mutual:

This type of agreement means both parties agree to not share sensitive information about each other. This type of Neef Non-Disclosure Agreement is usually used when companies form partnerships, collaborations, mergers, etc.

The Key Elements of Non-Disclosure Agreements

What Happens if Your Non-Disclosure Agreement is Violated?

As mentioned above, an NDA is a legal document. Violation of it is the same as a violation of any contract. Therefore, if the contract is breached then one or the other party can go to court and seek compensation for the damages. Furthermore, the party that violated the agreement can be sued by the other parties.

If your NDA has been violated it is important to work quickly and find evidence of the same. Alternatively, it is important to find evidence of who breached the contract and how the information was leaked.

Conclusion

There you have it, a complete guide to Non-Disclosure Agreements. NDAs are usually used to make sure the information shared is safe. If you are looking to create an agreement, check out the smart business box. Here you not only get ready to use the template.

of an NDA but also several other documents like business letters, business agreements, pitch decks and so much more.

Originally published at https://www.smartbusinessbox.in on September 30, 2020.