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.
The Oklahoma Basic Nonconfidentiality Agreement, also commonly referred to as the Oklahoma Non-Disclosure Agreement (NDA), is a legal contract used to protect sensitive and confidential information shared between parties involved in business transactions or collaborations. This agreement ensures that any proprietary knowledge, trade secrets, or confidential data shared remains protected from unauthorized disclosure or use. By signing the Oklahoma Basic Nonconfidentiality Agreement, both parties agree to maintain strict confidentiality regarding the disclosed information and to only use it for the specific purposes outlined in the agreement. This document is highly valuable when two parties are considering a potential partnership, merger, or collaboration where the exchange of sensitive information is necessary for business operations or decision-making. Key elements typically included in the Oklahoma Basic Nonconfidentiality Agreement are: 1. Identification of Parties: The agreement begins by clearly stating the names and contact details of the parties involved, typically referred to as the "Disclosing Party" and the "Receiving Party." 2. Purpose: The agreement clarifies the specific purpose for which the confidential information is being shared, such as evaluating a potential business deal, considering investment opportunities, or engaging in research and development activities. 3. Definition of Confidential Information: This section clearly defines what constitutes confidential information, including trade secrets, patents, customer lists, financial data, marketing strategies, software codes, or any other sensitive information relevant to the business relationship. The description may be broad to cover all important information or narrower to exclude certain types of data. 4. Obligations of the Receiving Party: The Receiving Party agrees to hold the confidential information in strict confidentiality and not disclose or use it for any purpose other than what is outlined in the agreement. The Receiving Party may also be obligated to limit access to the confidential information to their authorized employees or third parties on a need-to-know basis. 5. Duration of Non-Disclosure: The agreement establishes the duration for which the non-disclosure obligations shall apply. It can be for a specific period, such as a fixed number of years, or remain in effect indefinitely as long as the information is considered confidential. 6. Exclusions: This section outlines any information that is not subject to the non-disclosure obligations, such as information already in the public domain or disclosed with the Disclosing Party's written consent. 7. Remedies for Breach: The agreement specifies the remedies available to the Disclosing Party in case of a breach of the non-disclosure obligations. This may include seeking injunctive relief, monetary damages, or any other legally available remedies. Different types of Nonconfidentiality Agreements in Oklahoma can include variations specific to different industries or types of transactions. For instance, there may be specific agreements tailored for technology collaborations, healthcare partnerships, or financial agreements. These specialized agreements might include additional clauses or provisions relevant to the specific nature of the information being protected. To ensure compliance with Oklahoma laws and regulations, it is advisable to consult with an attorney when drafting or entering into a Basic Nonconfidentiality Agreement in the state.
