What is a Vendor Mutual Non-Disclosure Agreement?
A Mutual Non-Disclosure Agreement (NDA) with vendors is a legal agreement between a company and its vendors or suppliers to protect confidential information shared between both parties.
This agreement ensures that both parties understand their obligations regarding the use and protection of confidential information.
This template can be used for general business transactions and exchange of information.
A high-quality draft covers, among other things, the following matters:
- Details of and introduction to the parties to the agreement
- Definition of confidential information with carve out for trade secrets and specific information
- Ownership of the confidential information
- Exclusions from the definition, if any
- Obligations of the receiving party with regard to use of confidential information
- Permitted disclosures, if any
- Remedy for breach
- Term / duration of the recipient obligations
- Termination– when the agreement can be terminated and obligation of the parties upon such termination including return of information
- Governing law and jurisdiction details
