Icc Model Confidentiality Agreement 2016
ICC Model Confidentiality Agreement 2016: A Comprehensive Guide
When it comes to conducting business, maintaining confidentiality is crucial to protecting sensitive information and preventing leaks. This is where the ICC Model Confidentiality Agreement 2016 comes in handy. The agreement is designed to protect confidential information shared between parties during business transactions. In this article, we will take a comprehensive look at the ICC Model Confidentiality Agreement 2016, its components, and how it works.
What is the ICC Model Confidentiality Agreement?
The ICC Model Confidentiality Agreement is a contract that outlines the terms and conditions of confidentiality between two parties. It is designed to protect sensitive information shared by the parties during the course of a business deal. The agreement allows the parties to share confidential information without fear of it being leaked or misused.
The International Chamber of Commerce (ICC) is the world`s largest business organization. As such, it is the leading advocate of international trade and investment. The ICC Model Confidentiality Agreement was developed by the ICC`s International Centre for ADR (ICDR). The ICDR is one of the world`s leading providers of dispute resolution services, providing mediation and arbitration services for businesses across the globe.
Components of the ICC Model Confidentiality Agreement
The ICC Model Confidentiality Agreement is a comprehensive document that includes the following components:
1. Purpose of disclosure: This section outlines the reason for sharing the confidential information. It includes a clear description of the information that will be shared.
2. Definition of confidential information: This section defines what is considered confidential information.
3. Obligation of confidentiality: This section outlines the obligations of the parties involved regarding the confidentiality of the information shared.
4. Exclusions: This section outlines the exceptions to the confidential information, such as information that was already public knowledge before the agreement was signed.
5. Term and termination: This section highlights the duration of the agreement and the conditions for termination.
6. Remedies: This section outlines the remedies available to the parties if there is a breach of the confidentiality agreement.
7. Governing law and jurisdiction: This section specifies the law governing the agreement and the jurisdiction in case of disputes.
How does the ICC Model Confidentiality Agreement Work?
The ICC Model Confidentiality Agreement works by establishing a legally binding contract between the parties involved in the business deal. The agreement protects the confidentiality of the information shared between the parties throughout the course of the deal. The agreement ensures that confidential information is not disclosed to any third party without the consent of the parties.
Conclusion
The ICC Model Confidentiality Agreement 2016 is a comprehensive document that serves as an effective tool for businesses to protect confidential information shared between parties in a business transaction. It outlines the terms and conditions of confidentiality, the obligations of the parties, and the remedies available in case of breach of the agreement. By using the ICC Model Confidentiality Agreement, businesses can confidently share confidential information knowing that it is protected by a legally binding contract.