A reciprocal confidentiality agreement, suitable when both parties are the Disclosing Party and both parties are the Receiving Party.
This Agreement is used in cases where the parties wish to share confidential information, but want to ensure that third parties and/or the public do not become privy to this information. The Agreement regulates the disclosure and/or non-disclosure of this confidential information. It is also called a non-disclosure agreement, due to the restrictions on disclosure that are placed on the parties to the Agreement.
In the case of a multilateral confidentiality agreement, there are numerous parties (i.e. more than two) who are the Disclosing Party and/or the Receiving Party (i.e. all parties disclose and receive confidential information to and from each other, alternatively some of the parties disclose confidential information and others receive confidential information). This Agreement is ideal for either individuals or businesses whereby most or all of the parties want to protect their interests when disclosing confidential information, ensuring that this information is not made public to third parties and/or used for any purposes other than as is outlined in the Agreement.
The Agreement provides for legal remedies to be sought and legal costs to be incurred where the Agreement is breached by any of the parties in their capacity as the Receiving Party
The Agreement contains the following clauses:
1. Definitions
2. Interpretation
3. Background
4. Multilateral Confidentiality Undertaking
5. Duration
6. Benefits
7. Breach
8. Notices
9. Severability
10. Governing Law and Jurisdiction
11. Counterparts
12. Signatories