What Is a Confidentiality Agreement?
A confidentiality agreement is a legal agreement between two or more parties to keep the information confidential. The parties agree not to disclose the information to any third party.
What Are the Types of Confidentiality Agreements?
There are two types of confidentiality agreements: Unilateral agreements: In a unilateral agreement, only one party agrees to keep the information confidential. Bilateral agreements: In a bilateral agreement, both parties agree to keep the information confidential.
Why do you need a Confidentiality Agreement?
There are several reasons why you would need a confidentiality agreement, including:
- To protect your company’s trade secrets
- To protect your company’s confidential information
- To prevent your employees from disclosing your company’s confidential information to third parties.
- To prevent your business partners from disclosing your company’s confidential information to third parties.
What Does a Confidentiality Agreement Include?
- A confidentiality agreement should include provisions on the following topics:
- The duties and responsibilities of each party
- The parties who will have access to the confidential information
- The types of information that will be kept confidential
- The duration of the confidentiality agreement
- The consequences of breaching the confidentiality agreement
It is important to seek legal advice when drafting a confidentiality agreement to make sure that it is properly tailored to your company. OneCompany can help you draft a custom confidentiality agreement for your Malaysian business that takes into account your company’s specific needs and requirements.