A NDA - nondisclosure agreement or confidentiality agreements is a contract between two parties that restricts the sharing of certain information about the business on both ends. The parties may be a person or organization or both. The party signing an NDA will be prohibited from sharing confidential information about the party issuing the NDA and if there is a breach of contract, the legal ramifications are stringent in this case.
Non-disclosure agreements are also known as confidential agreements. The terms are used interchangeably but there is a slight distinction between the two agreements.
A non-disclosure agreement is usually drafted when the flow of sensitive information is one way and on the other hand, a confidential agreement is drafted when there are more than two parties and the sensitive information is generally exchanged among them especially in partnerships.
An organization or an entity at some point will have to share sensitive information which may be pivotal to the entire organization. In order to prevent such information from falling into the wrong hands and to protect it, the need for an NDA may arise in several circumstances, namely:
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