seekadvise09
Junior Member
What is the name of your state (only U.S. law)? ILLINOIS
Hi, I was wondering if an expiry date is needed on an NDA document (like: this NDA expires 18 months from the date it was signed on) to protect myself to be bound by a contract for Lifetime?
Please note that I am the Independent contractor here and I was asked by a company to sign an NDA document (a short version is attached below). My thought here is if I sign this document, technically I can be bound for lifetime on this contract and there is no OUT for me. Should I ask the company to re-word this NDA to expire automatically within a certain period so I don't have a Life-time contract??? I am a little skeptical on signing a legal document like this. Would appreciate if anyone can share their thoughts please. Thanks
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"This is an agreement between <Company, Address> and
<Independent Contractor, Address> in which
<Independent contractor> agrees not to disclose trade secrets, financial data, and other confidential material belonging to <Company>. In consideration of being made privy to trade secret information belonging to COMPANY, <INDEPENDENT CONTRACTOR> hereby agrees not to
disclose this information to third parties and to treat this information as a trade secret belonging to COMPANY. <INDEPENDENT CONTRACTOR> hereby agrees to take the necessary steps to prevent any disclosure of this information. <Description of what is confidential info goes in here>. All information about COMPANY’s business plans, partnerships, financials, and sales plans, and any other corporate data is likewise to be guarded and protected.
If any legal action arises relating to this agreement, the prevailing party shall be entitled to recover all of its court costs, related expenses, and reasonable attorney’s fees.
This agreement is executed on <date> and shall remain in effect until
the information included herein is no longer a trade secret or until COMPANY sends written notice releasing <INDEPENDENT CONTRACTOR> from the obligations of this agreement, whichever event occurs first."
________________________________________________________________
Hi, I was wondering if an expiry date is needed on an NDA document (like: this NDA expires 18 months from the date it was signed on) to protect myself to be bound by a contract for Lifetime?
Please note that I am the Independent contractor here and I was asked by a company to sign an NDA document (a short version is attached below). My thought here is if I sign this document, technically I can be bound for lifetime on this contract and there is no OUT for me. Should I ask the company to re-word this NDA to expire automatically within a certain period so I don't have a Life-time contract??? I am a little skeptical on signing a legal document like this. Would appreciate if anyone can share their thoughts please. Thanks
_____________________________________________________________
"This is an agreement between <Company, Address> and
<Independent Contractor, Address> in which
<Independent contractor> agrees not to disclose trade secrets, financial data, and other confidential material belonging to <Company>. In consideration of being made privy to trade secret information belonging to COMPANY, <INDEPENDENT CONTRACTOR> hereby agrees not to
disclose this information to third parties and to treat this information as a trade secret belonging to COMPANY. <INDEPENDENT CONTRACTOR> hereby agrees to take the necessary steps to prevent any disclosure of this information. <Description of what is confidential info goes in here>. All information about COMPANY’s business plans, partnerships, financials, and sales plans, and any other corporate data is likewise to be guarded and protected.
If any legal action arises relating to this agreement, the prevailing party shall be entitled to recover all of its court costs, related expenses, and reasonable attorney’s fees.
This agreement is executed on <date> and shall remain in effect until
the information included herein is no longer a trade secret or until COMPANY sends written notice releasing <INDEPENDENT CONTRACTOR> from the obligations of this agreement, whichever event occurs first."
________________________________________________________________