When two or more people want to keep a piece of information secret, they can do so through a confidentiality agreement online. With the availability of the internet, the process has been made easier to allow parties involved to work on the agreement even where they are separated by distance and time. However, before digging deep into the document of confidentiality agreement online, it is advisable to understand what it means to both the disclosing and the receiving party. Sometimes known as Non-disclosure Agreement, a confidentiality agreement is a legal contract between two or more people or parties. The subject of a confidentiality agreement must include a promise that the information relayed on the agreement will remain a secret between the parties involved.
In addition, people involved in that contract should understand that the agreement could be mutual or unilateral. In a mutual agreement, both parties are obliged to keep the secret while in a unilateral agreement, only one party is obliged to keep the secret. Mutual confidentiality agreements are essential in situations where both parties convey information. Such agreements happen in inventor groups. For a unilateral confidential agreement online, only the receiving party has the responsibility to keep the information secret. This usually happens in a case where the information is passed to a potential investor or a licensee.
Completing a Confidentiality Agreement Sample
In a confidentiality agreement, both parties need to understand the terms used, and how the terms relate to them. For example, the ‘disclosing party’ refers to the person or party that has information and is passing it to another person or party. The ‘receiving party’ refers to the person or party receiving the information. The receiving party is always obliged to keep the information secret. The terms are always presented in capital letters to ensure that they are interpreted based on their definition in the agreement. Even when you opt for a confidentiality agreement online, the terms must be defined clearly. Check out Law4US
Advantages of Confidentiality Agreement Online
Sometimes time and distance can play a role in working out the agreement. However, with the availability of the internet, you can be able to sign the agreement online. The main advantage is that the parties do not have to meet each other in person to sign the agreement. Once the information is ready and the concerned parties are ready, they can simply arrange for an online sharing of information and signing the agreement to keep it a secret.
Confidentiality agreements are essential in protecting a piece of information that many people do not know. Confidential agreements lead to confidential relationships. In most cases, the agreement is done in writing. However, the law allows for oral agreements as well. It is advisable to keep to written agreements because they are easy to work with a written word. Oral agreements are not easy to prove in case something goes wrong with the agreement.
When you want to create legal documents between parties such as commercial tenancy agreement, it is advisable to find a reliable company that specializes in the production of such documents. Visit https://law4us.com.au/content/confidentiality-agreement-online-28 for more information about such companies.