The Business Broker NDA is essential for protecting confidential information in Nigerian business sale transactions. This document is typically used when a business owner engages a broker to facilitate the sale or transfer of their business, requiring the disclosure of sensitive financial, operational, and strategic information. The Business Broker NDA, governed by Nigerian law, provides comprehensive protection for confidential information while enabling the broker to effectively market the business to potential buyers. It incorporates provisions from key Nigerian legislation including the Companies and Allied Matters Act 2020, the Nigeria Data Protection Regulation 2019, and relevant commercial laws. The document is particularly important given Nigeria's growing business transfer market and the need to protect proprietary information during business sale processes.
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1. Parties: Identification of the disclosing party (typically the business owner or company), the receiving party (the business broker), and any other relevant parties
2. Background: Context of the agreement, including the business brokerage relationship and the need for confidentiality
3. Definitions: Key terms including Confidential Information, Business Purpose, Authorized Representatives, and other relevant definitions
4. Scope of Confidential Information: Detailed description of what constitutes confidential information in the business brokerage context
5. Permitted Use: Specific purposes for which the confidential information may be used by the broker
6. Non-Disclosure Obligations: Core confidentiality obligations and restrictions on the use of confidential information
7. Security Measures: Required procedures for protecting and securing confidential information
8. Return or Destruction of Information: Procedures for handling confidential information after the agreement ends or upon request
9. Duration of Obligations: Term of the agreement and survival of confidentiality obligations
10. Breach and Remedies: Consequences of breaching the agreement and available remedies
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Non-Circumvention: Prevents the broker from bypassing the business owner in dealings with identified parties - include when the broker will be exposed to customer/supplier relationships
2. Representative Obligations: Include when the broker needs to share information with their team members or professional advisors
3. Data Protection Compliance: Include when personal data will be shared, ensuring compliance with Nigerian Data Protection Regulation
4. Non-Solicitation: Include to prevent the broker from soliciting employees or clients - relevant for high-value businesses
5. Publicity Restrictions: Include when there are concerns about public disclosure of the business sale process
6. Export Control: Include when the business involves international trade or controlled technologies
1. Schedule 1 - Specified Purpose: Detailed description of the business brokerage services and permitted activities
2. Schedule 2 - Categories of Confidential Information: Specific listing of types of confidential information to be protected
3. Schedule 3 - Authorized Representatives: List of individuals authorized to receive and handle confidential information
4. Appendix A - Security Protocols: Detailed security measures and procedures for handling confidential information
5. Appendix B - Return/Destruction Certificate: Template certificate confirming return or destruction of confidential information
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