A Confidentiality Undertaking is a Confidentiality Agreement in a less formal and simplistic format. This agreement may be more suitable where the parties are close friends and/or family members.
This Agreement is simpler and more informal version of the confidential agreement. Whilst it ensures that one party's interests are legally protected when disclosing confidential information to the other party, it does this in a manner that isless legally intimidating to the other party. In the Confidentiality Undertaking, one party is the Disclosing Party and the other party is the Receiving Party (i.e. one party discloses the confidential information and the other party receives the confidential information). The Undertaking is in the form of a legal statement made by the Receiving Party that is then accepted by the Disclosing Party. It is more suited to circumstances where the parties are close friends and/or family members and a formal Confidentiality Agreement would be likely to cause friction and/or conflict between the parties.
The Confidentiality Undertaking provides for 5 crucial statements to be made by the Receiving Party which are then confirmed by the Receiving Party's signature to the Undertaking, making the Undertaking legally binding and enforceable.