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Non-disclosure Agreement Template - North Dakota
North Dakota Non-Disclosure Agreement: What is it?
A North Dakota Non-Disclosure Agreement is a formal contract composed and signed by two parties - generally, one of them owns confidential information and grants access to it, and the other promises not to disclose the details they have learned to any third parties.
Used in a variety of industries, this legal tool allows organizations to keep the sensitive data they own secure when dealing with employees that were authorized to work with internal records of the company and business partners or investors that were provided with trade secrets and strategies of the entity.
You can find a North Dakota Non-Disclosure Agreement Template through the link below.
North Dakota NDA: How to Make?
Follow these guidelines to write an effective North Dakota NDA that will protect your financial interests:
- Identify the counterparts that sign the papers . It is necessary to add the names of the parties and their contact details to facilitate identification in the event of a future legal dispute.
- Explain what information is considered "confidential." You can safeguard business methods and plans your company has developed, patterns and formulas, software and product designs, customer lists, and other technical and personal information your entity owns. Note that it will be impossible to sue the other party for disclosing the details they have known before working with you or sharing the data that has already become public knowledge so it is advised to mention exclusions from the non-disclosure requirement.
- Write down the duration of the NDA . The parties may decide for how long the sensitive data will be protected from disclosure - usually, this period does not last for more than a few years, but in certain cases, the counterparts may agree upon indefinite protection.
- Prevent your employee from disclosing information to your direct competitors in the industry by asking them not to get hired by rival companies - this is called a "non-compete clause." You should pay the person in question a sum of money you negotiate to ensure they are properly compensated for losing an employment opportunity in a specified geographical area.
- Book an appointment with a notary public - they will check your identification documentation, confirm there is a real intention of the parties to sign the deal, and witness your signatures . Alternatively, the papers can be signed and dated by legal representatives.
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