When two parties are exchanging secret and sensitive information, this is the protocol to use. In most cases, this information is transmitted from one person to the next. By providing insulation to the disclosing party, the NDA serves to establish the relationship between the parties exchanging the information.
If you’re a registered business, you can print the contract on the letterhead of your firm. If you’re an individual, execute this agreement using a stamp paper of the required value in your state.
Designs, fabrication and assembly drawings, know-how processes, marketing collaterals, inventions, concepts, technical or commercial information, models, samples, IP filings and awards, computer programmes, proprietary software, customer/client data, and many other types of information that the disclosing party passes on to the receiving party are examples of confidential information.
The penalties over the breach of the agreement are generally specified in the agreement itself and the breaches or infringement are accordingly dealt with. If in any agreement the penalty is not specified, it is clearly mentioned that the person guilty of violation or breach of contract shall be sued for such misappropriation.