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Confidentiality agreements typically limit the ways the receiving party can use the confidential information provided, as well as provide the standard for keeping and protecting confidential information. For example, if you're looking for investor evaluations of something you've invented, your confidentiality agreement may specify that the information can only be used for the purposes of evaluating the product and not in the evaluator's own business. If you're having an employee or contractor sign a confidentiality agreement, you would probably want to limit your employee's use of information to the performance of job duties directly related to the employment. Many confidentiality agreements recite that receivers must keep the information disclosed to them in the same way they would keep their own confidential information. However, this statement only works if the receiving party has a known policy for handling confidential information. Generally, confidentiality standards include limiting access to the information and taking basic precautions to keep the information secure so it doesn't easily fall into outside hands. Such precautions might include, for example, using encryption for emails discussing the confidential information. If your confidentiality agreement relates to software designs, inventions or technology, it should include a statement that the receiver of the information has no license, expressed or implied, in the information by virtue of its disclosure. Most state laws hold that, at a minimum, the receiver has the duty not to breach confidentiality or induce others to breach it. Your agreement should specify two time periods: the period during which disclosure will be made, and the time period thereafter during which the information should be kept confidential. American confidentiality agreements typically last for a period of five years, although some may only last two or three years. The end point doesn't have to be a specific date, but there should be a specific date used as a starting point. Otherwise it's unclear when the agreement will take effect and for how long it will be enforceable. If your agreement specifies a confidentiality period of two years, for example, but fails to establish when that two year period starts, the receiver of the information can argue that she didn't believe the agreement had gone into effect yet. Another way to set a specific starting date is to have the confidentiality period start from the date the agreement is signed. If you use this method, make sure you don't disclose any secrets until you have the signature and the agreement is in force. The confidentiality time period also may end when a certain event happens. For example, if you're seeking evaluation of a new product, the confidentiality period may end when you market and distribute that product in stores. Some confidentiality agreements include stiff financial penalties if secret information is revealed to the general public. Others leave the consequences up to a judge or arbitrator to decide. You can sue for an injunction -- a court order to stop the person who breached confidentiality from continuing to share the information in violation of the agreement. You also have the ability to sue for damages incurred as a result of the breach of confidentiality, which may include penalties. For example, in some states you may have the ability to get double or triple damages if the breach was intentional rather than accidental. How detailed you want to get with penalties generally relates to how unique the information being disclosed is, and how damaging it would be if it got out. The more difficult something is to value, the more likely there is to be a clause listing a specific dollar amount in damages for breach. If both parties agree the information is worth this amount, the issue isn't left up to the discretion of a judge. Sometimes called "boilerplate," all agreements contain various clauses that don't fit in any other section, such as which state's law will apply and whether attorneys' fees will be available to an injured party if they agreement is breached. Both parties must sign the agreement before it can be considered valid.
Establish the duties and obligations of the party receiving the confidential information. Specify the time period during which the agreement will be valid and enforceable. Set forth legal ramifications or penalties for breach of the agreement. Add any necessary miscellaneous provisions. Provide space for all parties to sign the agreement.