Before we take a look at a sample of Non-Disclosure agreement and what it entails, let’s focus a bit on what comes before Non-Disclosure agreement.
Before a non-disclosure agreement is signed, there are several activities that occur.
Firstly, an organisation or company, even an individual, may identify the need to share confidential information with another; this information could be a business opportunity, investment decision, or company’s policy.
As a result, the parties involved may engage in preliminary discussions to determine the scope of the potential relationship. Should they decide to move forward on the discussion, they may proceed with a draft and negotiate the terms of the non-disclosure agreement.
Non-Disclosure agreement, also known as NDA, outlines the confidentiality of the information to be shared, and the purpose for which it may be used; the obligations of the receiving party to maintain confidentiality is also highlighted.
Following the steps highlighted, the NDA is finalized and both parties put in their signatures.
Now, let’s take a look at a sample of Non-Disclosure agreement.
NON-DISCLOSURE AGREEMENT
This Non-Disclosure Agreement is made and entered into on 20th October, 2024 by and between VGM Motors with its principal place of business at 68, Glover Road, Ikoyi, Lagos State and Durable Distributors of 26, Wharf Road, Apapa, Lagos.
Purpose The Disclosing
Party may disclose certain confidential and proprietary information to the Receiving Party for the purpose of consulting a business sales.
Confidential Information
Confidential information includes all information disclosed by the Disclosing Party to the Receiving Party, whether in writing, orally, or by inspection of tangible objects, including but not limited to:
- Business strategies and plans
- Customer and supplier information
- Trade secrets and technical data
Obligations
The Receiving Party agrees:
To hold the Confidential Information in confidence and not disclose it to any third party without the Disclosing Party’s prior written consent.
Not to use the Confidential Information for any purpose other than the purpose highlighted in First Paragraph.
To return all Confidential Information to the Disclosing Party upon request.
Term and Termination
This Agreement shall commence on the Effective Date and continue until 18 months from the date of last disclosure of Confidential Information.
Upon termination, the Receiving Party shall return all Confidential Information to the Disclosing Party.
Remedies
The Disclosing Party may seek injunctive relief and/or damages for any breach of this Agreement by the Receiving Party.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Nigeria. By signing below, the parties acknowledge that they have read, understand, and agree to the terms and and conditions of this Agreement.
DISCLOSING PARTY SIGNATURE
………………………
DISCLOSING PARTY NAME
…………………………
DATE
………………………..
RECEIVING PARTY SIGNATURE
……………………
RECEIVING PARTY NAME
…………………..
DATE
…………………..
