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Non-disclosure Agreement Template - Virginia
Virginia Non-Disclosure Agreement: What is it?
A Virginia Non-Disclosure Agreement is a legal instrument composed and signed by two counterparts to outline the terms and conditions of the confidential relationship: the disclosing party shares sensitive information and the receiving party promises not to release it to any third parties.
The purpose of this contract is to avoid the leaks of proprietary information that would harm its owner financially - whether you want your clients, employees, advisors, or investors to keep the data private, this document is for you.
A customizable Virginia Non-Disclosure Agreement Template can be found through the link below.
Virginia NDA: How to Make?
Here are the guidelines you should follow when drafting a Virginia NDA to protect the sensitive data your business owns:
- Properly identify the counterparts - add their full names, telephone numbers, and physical addresses . If the receiving party is a private individual, it is advised to enter their driver's license number as well.
- Determine whether the obligation included in the NDA is mutual or unilateral - the first option is applicable if both parties are organizations that worked together discovering or developing sensitive data.
- List the proprietary details protected by the agreement and the exclusions from this rule . For instance, the data the recipient had access to already before working with their counterpart or the information that became known to the general public in the past cannot be covered by the NDA.
- Decide the length of the non-disclosure period . In certain cases, it makes sense to opt for an indefinite contract if the parties agree trade secrets, strategies, and formulas are so valuable they require to be safeguarded forever. Still, in the majority of cases, several years of protection are enough.
- Describe the steps the disclosing party should take upon learning their counterpart broke the terms of the agreement . It is recommended to reach out via a formal notice first asking to stop or prevent further disclosure of information - only if this measure is not working, consider pursuing legal action.
- Sign the document during the visit to a notary public . The latter should be allowed to check your identities - alternatively, you can ask your legal representative to formalize the deal instead of you. The notary public will put a notary seal under your signatures adding an extra level of protection to your legal agreement.
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