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A Non-Divulgence Understanding is a lawfully official agreement between at least two gatherings that frames private data that ought not be revealed to outsiders.
Businesses that handle sensitive information, such as trade secrets, client data, and other proprietary information, may require an NDA to protect their valuable assets.
An NDA should include a definition of confidential information, the parties involved, the term of the agreement, exclusions, and other relevant clauses.
The duration of an NDA depends on the parties' agreement, but most NDAs are valid for a specific period, such as two or three years.
If a party breaches the NDA, the other party can seek legal action to enforce the terms of the agreement and recover any damages incurred as a result of the breach.
Yes, an NDA can be modified if both parties agree to the changes in writing and sign the updated agreement..
While it is possible to draft an NDA without a lawyer, it is recommended to seek legal advice to ensure that the agreement is legally binding and covers all necessary aspects of your business's confidential information.