Non-disclosure Agreement (NDA)

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A non-disclosure agreement (NDA) that is sometimes referred to as a confidentiality agreement, is a written contract between two parties (people or organizations) that prohibit the sharing of confidential information that has been revealed to them. In a nutshell, if you are asked to sign an NDA, you are promising to keep secret any sensitive information shared with you and not share it with others. If you are the issuer of the NDA, you are asking someone else not to share any information you might share with them.

There are two general types of NDAs:

where one party agrees not to reveal information provided by another party. Most agreements fall into this category, such as with employers and employees or clients and vendors.

used typically when companies are exploring a potential relationship, such as a partnership, collaboration, merger, or purchase, and both sides need to share sensitive information with the other in order to make decisions about that relationship. These are less common.

Once the GST application and the attached supporting documents are verified by the Officer, GSTIN and GST Certificate is provided. You can obtain GST Certificate in 2 to 7 working days, subject to Government processing time.

The purpose of the NDA is to prevent business confidential and private information from becoming public knowledge. For example, if an independent contractor came across the secret formula for Coca-Cola®, they would be prohibited from telling anyone else without serious repercussions (meaning a major lawsuit costing too many dollars to count).

Generally, NDAs are signed at the starting of a business relationship, such as when an employee is hired. They can also be signed at the conclusion, such as when a partner has decided to leave, but they may be harder to negotiate at that point.

Advantages of Non Disclosure Agreement

1. Protection of Information: A non-disclosure agreement allows information which can and cannot be disclosed to others that each party's obligations are in regard to confidentiality, and how it shall be dealt with. In this way, it provides protection of information.

2. A well-drafted non-disclosure agreement outlines the consequences for the ones who breach the NDA, and which are likely to include a hefty monetary fine.

Non-disclosure Agreement Procedure

  • A well efficient lawyer from our team shall contact you, and explain you the total process, and will understand the need of non-disclosure Agreement to be executed by you.
  • Once the objectives of the same are clear, the lawyer shall draft a sample non-disclosure Agreement accordingly.
  • The draft non-disclosure Agreement shall be sent to you, for your review.
  • The whole process takes around 3-4 working days.

FAQ’s

If you discover or suspect that trade secrets or confidential information covered by an NDA have been shared publicly, it is important to act quickly to gather evidence of how the information was leaked, who has it, and what it being done with it, as well as who is responsible. The first step is hiring an attorney familiar with intellectual property.

A non disclosure agreement may be classified as unilateral, bilateral or multilateral. Unilateral will involve two parties, the knowledge owner and the one that agrees to not disclose the information. Bilateral is the type where two parties involved will both share information that is other is bound to not disclose. Multilateral involves as the name suggests multiple parties. Where one or more share information and one or multiple parties abide by the agreement to not disclose.

The exemption limit is the supply turnover of Rs. 20 lakh for businesses in all except the states in the northeast region of India. Businesses in Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland and Tripura must get a GST registration if their supply turnover exceeds Rs. 10 lakh. As mentioned above, this threshold limit applies only to businesses that operate within their home state. A business that conducts trade with another state must seek registration regardless of turnover.

Numerous organizations and business people depends upon non disclosure agreement to secure their competitive ideas, intellectual property, financial data, unpublished patent applications, forms or other materials.

For instance, assume you are building up a prototype of a new item that will make you a little fortune. In any case, you have to connect with an advisor to prompt you one specific part before you can finish the model.

You may solicit the advisor to sign your non disclosure agreement to guarantee he or she doesn't uncover your secret data to your rivals. As we all are aware that these are legal contracts and are valuable. If any dispute occurs you can ask the court to settle the dispute and make the correct decision.