In this legal contract, the parties agree not to disclose information covered by the agreement. This contract creates a relationship between the parties to protect any type of confidential and propriety information or trade secrets of a business.
Confidentiality agreements are commonly signed when two companies, individuals, or other entities are considering doing business together and need to understand the processes used for the purpose of evaluating the potential business relationship. Confidentiality agreements can be “mutual”, meaning that both parties are restricted in their use of the materials provided, or they can restrict the use of material used by a single party.
It is also possible for an employee to sign a confidentiality agreement with an employer. In fact, some employment agreements will include a clause restricting employees’ use and dissemination of company-owned “confidential information.”
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