Essential terms usually included in a confidentiality agreement are;
- the obligations of the parties to the confidentiality agreement;
- when the confidentiality obligations apply;
- how notices are to be delivered under the confidentiality agreement; and
- a general description of the confidential information.
- a damages clause;
- a sophisticated indemnities clause;
- a clause setting out the parties obligations on termination;
- an assignment clause; and
- the ability for the parties to enter into the confidentiality agreement over.
The problem with templates is that they don’t take into account the specific scenario that you are dealing with. They also vary greatly in quality. It is always best to have a lawyer at least review a template and make suggestions if you wish to save money on preparation costs.
If the agreement has high stakes implications for your business you should definitely invest in legal advice and preparation of the best document possible for your circumstances.