A Non-disclosure agreement in Cameroon also known as Confidentiality Agreement is a legal contract or agreement between parties with the sole purpose of legally forbidding parties from disclosing confidential information that has been shared together in the course of a commercial or employment relationship to any third party. The importance of a non-disclosure agreement is that it signifies that a confidential relationship exists between parties and the procedure for non-disclosure agreement must be adhered to professionally.
TYPES OF NON-DISCLOSURE AGREEMENT(NDA)
A NDA can be either a Unilateral Agreement or a Mutual Agreement enough reason why we advise interested parties to consult the legal services of a corporate consultant before signing non-disclosure agreement.
A unilateral NDA is a one-way agreement where only one party in the business relationship will be provided with the information to be protected. It is designed to stipulate the duties and obligations of one party to the agreement. This is usually used in an employee-employer relationship.
A mutual NDA is a type of agreement where the information provided will be shared between the parties. The agreement will clearly set out the confidential information that parties wish to share between them and restrict their use and access to third parties.
IMPORTANCE OF NDA IN CAMEROON
The Non-Disclosure Agreement (NDA) is commonly used by organizations that are considering doing business together so as to restrict the use or disclosure of confidential information shared in the course of the business. NDA is also commonly used in an employee-employer relationship where employees need to have access to confidential information in the course of their employment and the employer prepares a non-disclosure agreement to prevent the use or disclosure of the information for any other purpose. A summary of the importance of NDAt includes;
- It is used to define confidential information that can be disclosed and what information cannot be disclosed.
- It is used to protect information from being disclosed
- It also sets out the consequences of a breach of the non-disclosure agreement
PROCEDURE FOR NDA
Having discussed the importance of non-disclosure agreement in Cameroon, it is incumbent on us to highlight the procedures for non-disclosure agreement in Cameroon. Here there exist essential vital clauses to be inserted in a NDA.
The first procedure for non-disclosure agreement is that parties must hire a corporate attorney knowledgeable to navigate the complexities associated with NDA. The corporate attorney shall advice on essential clauses:
- Parties Clause
- Definition of the Confidential Information
- Obligation of the receiving party
- The term of the agreement
- Exclusion clause
Signing non-disclosure agreement completes the procedure for non-disclosure agreement between parties. The agreement acts as a binding instrument that gives assurance in case of breach by one party, the other party can seek redress for damages resulting from the disclosed information.
It is imperative to note that non-disclosure agreement confers a legal obligation parties to it, and confidential agreement can be included in the main contractual agreement or as a stand-alone agreement.
In conclusion, signing a NDA has become a modern-day corporate practice and accordingly, the need for legal representation is indispensable in the business world.
Article by Barr. Mafany Victor Ngando
“The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstance”