The use of confidentiality agreements is on the rise in India and is governed by the Indian Contract Act 1872. In many cases, the use of an NDA is essential, for example. B to retain employees who develop patentable technologies when the employer intends to file a patent. Confidentiality agreements have become very important given the nascent outsourcing industry in India. In India, an NDA must be stamped to be a valid enforceable document. A unilateral NDA (sometimes called a single-use NDA) consists of two parts for which only one party (i.e. the disclosing party) is afraid to disclose certain information to the other party (i.e. the receiving party) and requires that, for whatever reason, the information be protected from further disclosure (e.g.B. Respect for the secrecy necessary to comply with patent laws or the legal protection of trade secrets. Limit the disclosure of information prior to the issuance of a press release for an important announcement or simply ensure that a receiving party does not use or disclose information without compensating the disclosed party). There are many other elements that make up a reciprocal confidentiality agreement and you should try to include everyone in your. A bilateral NDA (sometimes called a mutual NDA or bipartite NDA) consists of two parties for which both parties expect them to disclose information to each other that will be protected from further disclosure.
This type of NDA is common when companies are considering some kind of joint venture or merger. Mutual confidentiality agreements are usually used by companies. It can be an agreement used between two companies or between the company and a single person, for example. B an employee. Most of the information protected by these agreements is important to the company, as they provide them with their own trade secrets or other information that has allowed them to succeed in the industry. Also, it`s important to know that this type of agreement is not something you should make to protect yourself from illegal practices. In fact, if you try to use this type of agreement to protect yourself from legal action, because your methods are illegal, then this type of agreement would not be valid. The other party could also denounce you and the agreement would not prevent them from doing so. IN THIS REGARD, the parties acknowledge their agreement from the aforementioned date by the execution of the contract by their respective plenipotentiary representatives.