A proprietary information agreement is a written document which is used to protect the trade secrets or maintain confidentiality of other proprietary information of a certain party. Proprietary information refers to any data or information that an entity wants to keep a secret, for example, customer lists, business strategies and so on. Some people working in the organization or certain vendors have access to such information and in order to keep them confidential from rival companies, a proprietary information agreement is signed between them and the company.
This agreement prevents anyone from disclosing sensitive information to any third party. The document has the names and details of the respective parties, the type of information they are supposed to keep confidential and the results of disclosing the data, which can lead to a lawsuit. These agreements are similar to non-disclosure agreements but in this case they specifically refer to protection of sensitive information and not any other aspect of business.
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Sample Proprietary Information Agreement
Proprietary Information Agreement
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