This form is a Basic Nonconfidentiality Agreement for use in negotiations or discussions where possible disclosure of licensing, patents, or commercial trade secrets is a factor.
A New York Basic Nonconfidentiality Agreement, also known as a Non-Disclosure Agreement (NDA), is a legal contract used to protect sensitive and confidential information shared between two or more parties. This agreement ensures that any disclosed information will be kept confidential and not disclosed to third parties without the consent of the disclosing party. The purpose of a New York Basic Nonconfidentiality Agreement is to safeguard proprietary information, trade secrets, customer data, business plans, financial details, and any other confidential information that may be disclosed during a business transaction, employment arrangement, or any other professional relationship. There are different types of New York Basic Nonconfidentiality Agreements, each serving specific purposes: 1. Unilateral NDA: This is the most common type of NDA and is used when only one party will be disclosing confidential information to the other party. 2. Bilateral NDA: Also known as a Mutual NDA, this agreement is used when both parties will be disclosing confidential information to each other, and both parties agree to keep the shared information confidential. 3. Multilateral NDA: This type of NDA is used when multiple parties are involved in the exchange of confidential information. It allows for the protection of shared information among several parties simultaneously. 4. Employee NDA: This agreement is specifically designed to protect the confidential information disclosed by an employer to an employee during the course of employment. It restricts the employee from sharing such information with external parties during and after employment. 5. Vendor NDA: This NDA is entered into between a company and its vendors or suppliers to ensure the confidentiality of any proprietary or sensitive information involved in the business relationship. 6. Consultant NDA: This agreement is commonly used when a business hires a consultant or independent contractor. It ensures that any confidential information disclosed during the consultancy period remains confidential even after the contract ends. A New York Basic Nonconfidentiality Agreement typically includes provisions regarding the definition of confidential information, obligations of the receiving party, the duration of the agreement, exclusions to confidentiality, and consequences of a violation. It is essential for all parties involved to carefully review and understand the terms of the agreement before signing to protect their rights and interests.
