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Non-disclosure Agreement Template - Illinois
Illinois Non-Disclosure Agreement: What is it?
If you represent the interests of a company that wants to protect its trade secrets, formulas, patterns, internal financial records, and client lists from being available to third parties, you need to negotiate and sign an Illinois Non-Disclosure Agreement with the business partner, investor, customer, or employee. The other party will not be able to disclose the information you have trusted them with to any other person or entity without your authorization.
An Illinois Non-Disclosure Agreement Template can be found below.
Illinois NDA: How to Make?
To create an Illinois NDA that will be legally binding for both parties and remain valid even in the event of a future dispute, you need to follow these steps:
- Write down the names and contact details of the disclosing party and the receiving party.
- Define the confidential information in question - it is better to list every single detail the parties agree not to disclose whether this agreement is mutual or unilateral. Besides, do not forget to add exclusions: the recipient of the information will not be responsible for keeping details they knew before they worked with or for the disclosing party secret.
- State the duration of the contract - depending on the nature of your relationship, it can last for a year, several years, or be indefinite.
- Provide the recipient of the information with compensation if necessary - for instance, if your business partner has participated in developing a marketing strategy you want to keep for yourself, you may need to pay them a certain amount of money to make sure their contribution becomes your intellectual property and they do not share the particulars of it with anyone else.
- Add the non-compete clause in case you want to prevent your former employee from working for your local rivals and you believe this employment will endanger your private data . Note that if you limit the opportunities of the individual to get hired in a certain geographical area, you may have to compensate them for that as well.
- Sign and date the papers - each party must have a copy of the contract . You need to appear before a notary public that will confirm the intention of the parties to sign the deal and verify your identities. It is also possible to authorize legal representatives to act on behalf of both parties.
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