A Reciprocal Confidentiality Agreement (also known as a Mutual Non-Disclosure Agreement) is a legal contract between two parties that outlines confidential information, knowledge, or data that the parties wish to share with one another for mutual benefit. The agreement is used to protect the confidential information of both parties, and may be used for a variety of purposes including business transactions, research and development, or other confidential exchanges. The agreement defines what information must remain confidential, how it will be used, how long the agreement will last, and other details. There are two types of Reciprocal Confidentiality Agreements. The Unilateral Agreement is used when only one party will be sharing confidential information with the other. The Bilateral Agreement is used when both parties will be sharing confidential information with each other. In both cases, the agreement must be signed by both parties and is legally binding.
Reciprocal Confidientiality Agreement
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Sample Mutual NDA When Apple and Gorilla Glass partnered to make iPhones together, both had protections in their NDA to protect their proprietary information. Apple even went as far as to include a $50 million penalty if Gorilla Glass decided to break the agreement.
Obviously, the part of a mutual NDA that limits the other party is intended to protect confidential information. The mutual aspect?protecting both parties?also allows the parties to move ahead in pursuing a common goal, without either having to fear that confidential information will be disclosed to third parties.
In a reciprocal confidentiality agreement ? also called a 'two-way' or 'mutual' confidentiality agreement ? two parties agree to exchange confidential information with each other, and agree to keep that information confidential.
NDAs can be either mutual or one way. A mutual NDA requires each party to protect the confidential information to the other party. A one-way NDA contemplates that only one party will be disclosing confidential information. If you won't be disclosing any confidential information, then you may not need a mutual NDA.
Summary A Reciprocal Confidentiality Agreement, otherwise known as a Non-Disclosure Agreement or NDA, can help to protect private, sensitive or confidential information disclosed between two people. This NDA provides for a reciprocal duty of confidentiality.