This is a confidentiality agreement between a consultant and the company who has hired the consultant. It is the typical confidentiality agreement used when there are technology transactions.
New York Consultant Confidentiality Agreement for Use in Technology Transactions
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US-TC0307
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How to fill out Consultant Confidentiality Agreement For Use In Technology Transactions?
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FAQ
For example, the term of the NDA may be one (1) year, but the obligation to keep certain information confidential may be three (3) years. This extended term or ?tail period? may begin on the date the information is disclosed, or it may start upon termination or expiration of the NDA.
The term of the NDA indicates how long the NDA will remain in effect. Typically, the standard use for NDAs ranges from one to five years. However, this all depends on the nature of the transaction or market conditions.
Term and parites The term of a confidentiality agreement will usually be between 1 and 3 years, or linked to the life of a contract, for example an employment contract. This can be longer if required, but unlimited terms can be struck down as an unreasonable restraint.
Survival periods of one to five years are typical. The term often depends on the type of information involved and how quickly the information changes.
For your NDA to be a valid contract, it has to have consideration.
Generally speaking, NDAs have either no expiration date or specific expiration date, which involve their own set of implications and considerations for parties agreeing.
Confidentiality agreements will often require that information be kept secret for a certain period of time. This limitation is generally set at three years but can continue for whatever time frame you specify. These terms are especially relevant when discussing a business in its early stages of development.
While this kind of time limit is intended to balance the disclosing party's need for secrecy and the receiving party's interest in minimizing its responsibility under the agreement, such expiration dates in NDAs can unintentionally undermine efforts to maintain trade secret protection.