In 2019, the US collected over 1,473 data breaches, which exposed around 164.68 million valuable records. With that survey from Statista, data sharing can be risky in any business. So when you have sensitive or valuable data on hand, make sure that it only gets to the hands of people you truly trust. Most importantly, those who have access must promise not to disclose such records under a document. Or formally, have each party sign from a data confidentiality agreement template. Scroll down to learn further about this agreement sample.
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What Is Data Confidentiality Agreement?
Like any other agreement from a vendor confidentiality agreement and nondisclosure agreement, the data confidentiality agreement refers to an official document that clarifies the confidential information. The same thing applies in identifying which could disclose and not disclose such data and whatever occurs if noncompliance occurs. Data confidentiality is even a known rule of conduct which implements regulations and restrictions regarding data sharing. And it is crucial for every party who is part of the agreement to understand the deal before agreeing.
How to Make Data Confidentiality Agreement
If you think creating a data confidentiality agreement is a hectic process, then change your mindset. The process is quite easy, especially when we have pre-made templates ready for download. Rest assured that every data confidentiality agreement or contract template is carefully made to suit business standards. Your only goal is to select a template, fill in the necessary details, and voila, you can launch the agreement. And if you want to produce high-quality content for the deal, kindly follow these steps:
Step 1: Recognize the Disclosure’s Purpose
It is normal for the data confidentiality agreement to specify what should be kept confidential and why it should not be disclosed. Otherwise, people who learn about valuable data might not recognize its importance. First of all, does the data refer to printed documents, secret files in a computer, or any other record? Specify it. Next, mention the reason behind keeping lips sealed and why sharing the data is discouraged.
Step 2: Identify All Parties and Their Roles
Now, who are these people that should keep the said details a secret? Name them. And each person should be aware of the agreement. Also, note their roles to understand the liable actions for the disclosing party, what is allowed and prohibited, etc. And review the spelling and info because there will be problems if wrong people were named in the document.
Step 3: Set a Clear Scope of Agreement
Do not just say that disclosing is illegal. Provide a scope because there might be misconceptions if it is okay to share with family members or only reveal a portion of the data instead of disclosing the main meat. Be sure the scope is reasonable and feasible because unrealistic restrictions are prohibited. Also, finalize the limit on the number of people who can get access to such data.
Step 4: Include a Penalty Clause
Never forget to incorporate the penalty clause. If there is a breach of contract or noncompliance involved, what consequences will the disobedient party face? Set the rules carefully. And to what extent will there be a termination of the whole agreement? Mention that too. Setting the regulations is a critical part of the whole agreement because they are the reasons why parties must comply with the stipulations. Because if they don’t, consequences will follow.
What is the difference between a confidentiality agreement and a nondisclosure agreement?
Although both terms mean the same thing, there is a slight difference between the two. The confidentiality agreement is particularly used for higher levels of privacy. Meanwhile, NDA works for lower-level privacy matters, like when you should not reveal someone’s personal or sensitive information to an organization.
How long do confidentiality agreements last?
A confidentiality agreement’s duration will depend on what is stipulated under the agreement, including the agreement’s nature or context. But in standard, the agreement can last from a year up to five years.
Is the confidentiality agreement legally binding?
Yes, the confidentiality agreement is legally binding. According to UpCounsel, the said agreement is one binding contract where parties would not have profited from the confidential information.
As you set rules by telling people not to disclose certain data, do not threaten them. Instead, create an atmosphere where trust plays a great role between parties of an agreement. That way, people agree on good terms about whether not to reveal or disclose records to particular people. And the best approach to make that happen is by placing the deal into writing, specifically with a data confidentiality agreement. Download from our sample templates now!
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