A non-disclosure agreement is also referred to as a secrecy agreement, confidential agreement or proprietary information agreement. It may be in the form of a lease or purchase agreement and is used in various types of business transactions. Such agreements may exist between buyers and sellers, between companies and their respective employees or between various organizations and their members. Normally, these documents are signed by one party to protect confidential information and to prevent third parties from having access to it. Such type of agreement may be used to avoid breach of contract claims, for example, when purchasing or selling a property, if the seller refuses to disclose certain property information. The person who signs the document is called the discloser and the person who is being protected by the non-disclosure agreement is called the divulger. A typical example would be a purchase agreement between a company and its buyer. In this case, the buyer would sign the agreement without reading it because he or she will then enter into a binding contract with the company. The terms of such agreement may include something as to how the seller can sell the property, or the amount of money to be paid to the seller if this information is disclosed. There are many reasons why a business owner may enter into a nondisclosure agreement. For example, during mergers and acquisitions, where buyouts are required, signing a nondisclosure agreement ensures that any sensitive information that was gained by the buyout will not fall into the wrong hands. It may be passed on to the new owners who will take their good decisions into account when making business decisions. As well, it could be used for setting out the payment terms and conditions of the acquisition. Therefore, it could benefit the new owner and at the same time hinder the previous owner's attempts to get the previously owned property back through court procedures and other alternatives. Visit this website at https://www.youtube.com/watch?v=i79lnClHhdM for more info about NDA. This type of document has been used in different sectors and industries, from real estate to entertainment, from engineering to finance and from medicine to telecommunications. In general, a non disclosure agreement will cover any information that is sensitive enough to be used in any transactions that have anything to do with the business. However, this does not mean that it will prevent you from revealing information. It will only prevent you from taking steps to keep this information from being used against you. Information covered by this type of agreement may include information such as financial statements, patents, business plans, customer lists, appraisals, financial analysis reports, and the like. In some instances, certain confidential and privileged information may also be protected by this agreement. It must be kept in mind that even if the non-disclosure agreement is drawn up correctly, it may still be violated by the other party. This is so because a misunderstanding has been caused due to some incorrect wording in the document. For instance, if the contract demands that the seller pays a large amount of down payment before the property can be put up for sale, and another party suddenly decides to offer cash instead of paying down the balance, then this might cause a misunderstanding between the parties. As a result, the seller could possibly use this as a reason to force the seller to sell the property at a very high price. As you can see, the importance of the NDA lies in the fact that it aims to protect the seller in case of any misinterpretation or mistake that might occur. As a conclusion, if you are planning to buy a real estate property, make sure that you get yourself a good, legally valid non disclosure agreement. There is nothing worse than closing a deal, only to find out that your lawyer is not ready to discuss the terms of the deal with you. Even if you hire a lawyer like Hayes Hunter P.C., try to discuss the terms of the agreement with him or her personally before you sign it. This way, you can avoid paying for a non disclosure fee that you were not told about. If your lawyer does not offer you a free no, then you can always go ahead and get a lawyer like Hayes Hunter P.C who will offer you a no. Remember, everything starts with communication.