This form is a Basic Nondisclosure Agreement for use where possible disclosure of licensing, patents, or commercial trade secrets is a factor.
Michigan Basic Nondisclosure Agreement
State:
Multi-State
Control #:
US-TS8025
Format:
Word;
PDF;
Rich Text
Instant download
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How to fill out Basic Nondisclosure Agreement?
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FAQ
For example, a company contemplating a merger or joint venture with another company may enter into a mutual nondisclosure agreement. This way, they're both able to share private company information without fear of it being used against them.
This Nondisclosure Agreement (the "Agreement") is entered into by and between _______________ with its principal offices at _______________ ("Disclosing Party") and _______________, located at _______________ ("Receiving Party") for the purpose of preventing the unauthorized use and disclosure of Confidential ...
An NDA is a legal agreement which defines information that the parties wish to protect from dissemination and outlines restrictions on use. NDAs are also valuable to protect the ability to patent an invention, something that can be compromised if a disclosure of the invention becomes public knowledge.
Besides naming all parties to the NDA, five essential elements every NDA should include are: Description Of The Confidential Information. ... Requirements And Obligations Of The Parties. ... Exclusions To The Confidentiality Agreement. ... Term Of The Non-Disclosure Agreement. ... Consequences Of Breach Of The NDA.
You do not need a lawyer to create and sign a non-disclosure agreement. However, if the information you are trying to protect is important enough to warrant an NDA, you may want to have the document reviewed by someone with legal expertise.
Typically, a legal professional writing the NDA will complete these steps: Step 1 - Describe the scope. Which information is considered confidential? ... Step 2 - Detail party obligations. ... Step 3 - Note potential exclusions. ... Step 4 - Set the term. ... Step 5 - Spell out consequences.
In Michigan, and most states, companies do not face the issue of the risk of unenforceability of an NDA because of a lack of Time Limitation. Michigan law permits NDAs to have no time limitations. Hayes-Albion Corporation v Kuberski, 421 Mich 170 (1984).
I hereby undertake to treat as confidential all and any information that I receive while participating in the work of evaluating project proposals, to use this information solely for the purpose of evaluation of the proposals, not to disclose it to any third party and not to make it publicly available or accessible ...