Reciprocal confidentiality agreements are often used when two companies or companies are considering partnering or working together on a project. Both parties must be able to exchange information about their work without worrying about the other party supporting and selling the information. NDAs are also often used before discussions between a company seeking financing and potential investors. In such cases, the NDA`s objective is to prevent competitors from receiving their trade secrets or business plans. 11. Corrective measures; Compensation. Each contracting party agrees that its obligations under this agreement are necessary and proportionate to protect the revealing party and its activities. The parties expressly agree that, because of the singularity of the confidential information provided by the disclosing party, the financial damage cannot be sufficient to compensate the revealing party for any breach of the receiving party`s agreements and agreements under this agreement. Accordingly, the parties agree and recognize that such a violation or threat of violation may result in irreparable violations on the part of the revealing party and that the revealing party has the power, in addition to any other legal, judicial or other means, to seek an untenable remedy against the threat of violation of this agreement or the continuation of such a violation by the receiving party.
without proof of actual damage and (b) the recipient party must compensate for losses or damages, including legal fees, that result or are related to a violation or performance of the obligations of the recipient party arising from this agreement or the unauthorized use or disclosure of the disclosure party`s confidential information. Also, it is important to know that this type of agreement is not something you should implement to protect yourself from illegal practices. If you are trying to use this type of agreement to protect yourself from legal action because your methods are illegal, then this type of agreement would be inconclusive. The other side could report you, and the agreement would not prevent it from doing so.