Non Disclosure Agreement Termination
A non disclosure agreement nda is a contract between parties wherein either one or both parties agree to keep specific information from the other party a secret.
Non disclosure agreement termination. Essentially a non disclosure nda agreement is a legally binding contract between parties that requires them to keep certain information confidential. However certain contracts may include a subsection known as a confidentiality or non disclosure clause. Sometimes parties also agree to terminate the agreement on completion of the transaction. Generally an agreement is in force for a period of 1 or 2 years.
The good news is that modern non disclosure agreements can be terminated by either party immediately just send a written note by post courier or fax no e mail im sms yo or any other non physical comms to the other party ending the agreement. It restricts the receiving party and its subsidiary companies from approaching and soliciting any employee of the disclosing party. Non terminating agreements are convenient for parties that have on going relationships. Restraint provisions confidentiality agreements also include non solicit provisions.
The term of confidential duty for non terminating agreements is the period of time after the disclosure of proprietary information once the agreement has been actively terminated. A nda can also be known by other names such as a confidentiality non use or trade secret agreement. This template is free to download and use. A confidentiality agreement and a non disclosure agreement both attempt to legally protect sensitive information like trade secrets from being leaked to a third party.