The Business Disclosure Agreement serves as a critical legal instrument in Nigerian business transactions where parties need to share sensitive information while maintaining confidentiality. This document is essential when businesses are exploring potential partnerships, conducting due diligence, or engaging in negotiations where proprietary information needs to be disclosed. It complies with Nigerian legal requirements, including the Freedom of Information Act 2011, Evidence Act 2011, and the Nigerian Data Protection Regulation 2019. The agreement typically precedes major business transactions and can be customized to address specific industry requirements, ranging from technology transfers to joint ventures. It provides legal recourse under Nigerian law if confidential information is misused or disclosed without authorization.
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1. Parties: Identification of all parties to the agreement, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement, business relationship between parties, and purpose of information sharing
3. Definitions: Clear definitions of key terms including 'Confidential Information', 'Permitted Purpose', 'Representatives', and other relevant terms
4. Scope of Confidential Information: Detailed description of what constitutes confidential information under the agreement
5. Obligations of Confidentiality: Core confidentiality obligations, including handling, storage, and protection of confidential information
6. Permitted Disclosures: Circumstances under which confidential information may be disclosed and to whom
7. Security Measures: Required security measures for protecting confidential information
8. Return or Destruction of Information: Procedures for returning or destroying confidential information upon request or termination
9. Duration and Survival: Term of the agreement and surviving obligations
10. Breach and Remedies: Consequences of breach and available remedies including injunctive relief
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
12. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Data Protection Compliance: Specific provisions addressing NDPR compliance, recommended when personal data is involved
2. Intellectual Property Rights: Additional provisions protecting IP rights, needed when confidential information includes IP
3. Non-Solicitation: Prevents poaching of employees/clients, useful in competitive business relationships
4. Export Control: Required when confidential information may be subject to international transfer restrictions
5. Force Majeure: Addresses unforeseen circumstances preventing compliance, optional but recommended
6. Insurance Requirements: Specifies required insurance coverage for handling confidential information
7. Audit Rights: Allows auditing of confidential information handling, useful for high-security situations
1. Schedule 1: Specified Confidential Information: Detailed list or categories of confidential information covered
2. Schedule 2: Authorized Representatives: List of authorized representatives who may access confidential information
3. Schedule 3: Security Protocols: Detailed security measures and protocols for handling confidential information
4. Schedule 4: Approved Third Party Recipients: Pre-approved third parties who may receive confidential information
5. Appendix A: Form of Confidentiality Undertaking: Template for confidentiality undertaking by representatives
6. Appendix B: Information Return/Destruction Certificate: Template certificate confirming return or destruction of confidential information
Relevant legal definitions
Clauses
Relevant Industries
Oil and Gas
Financial Services
Technology
Manufacturing
Healthcare
Telecommunications
Professional Services
Real Estate
Agriculture
Mining
Construction
Retail
Education
Entertainment
Transportation and Logistics
Relevant Teams
Legal
Compliance
Executive Leadership
Business Development
Information Technology
Research and Development
Human Resources
Finance
Operations
Risk Management
Corporate Affairs
Information Security
Strategy
Mergers and Acquisitions
Relevant Roles
Chief Executive Officer
Managing Director
Legal Counsel
Business Development Manager
Project Manager
Chief Financial Officer
Chief Technology Officer
Operations Director
Compliance Officer
Risk Manager
Investment Manager
Research and Development Director
Human Resources Director
Strategy Consultant
Corporate Secretary
Information Security Officer
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