The long-term goal of the Common Draft project is to serve as a lasting, public repository of carefully-drafted contract provisions that cover a wide variety of business needs, with annotations, commentary, and student exercises. A receiving party might want an expiration date for confidentiality obligations as a safe harbor. A disclosing party will want to follow up to be sure that the return-or-destruction requirement is actually complied with; if it were to fail to do so, a receiving party (or a third party) could try to use that as evidence that the disclosing party did not take reasonable precautions to preserve the secrecy of its confidential information, as discussed in this annotation.
Also includes links to selected real-world contract forms. The INCOTERMS® are "a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) [that are] widely used in international commercial transactions …. the purpose of corroboration [is] to prevent fraud, by providing independent confirmation of the [witness's] testimony." See Sandt Technology, Ltd. Resco Metal & Plastics Corp., 264 F.3d 1344, 1350 (Fed. 2001) (affirming relevant part of summary judgment; internal quotation marks and citation omitted). (b) Except as otherwise stated below, for information to be considered Confidential Information, the information must: (1) be set forth (or summarized) in tangible form (including for example an electronic storage device); and (2) be marked with a reasonably-prominent, visually-readable notice such as (for example) "Confidential information of [name]" or "Subject to NDA." In assessing whether a disclosing party in fact maintained particular information in confidence, a court very likely will give significant weight to whether the disclosing party caused the information to be marked as confidential. In many situations, these "standard" precautions are likely to satisfy the disclosing party's desires, but for some types of Confidential Information, a disclosing party might want to insist on special precautions — especially in the era of criminal hackers, and even state actors, breaking into insufficiently-secure computer systems and stealing valuable information, such as happened to Sony Pictures Entertainment, allegedly at the hands of North Korea, and to Home Depot, which booked a charge of $161 million after a 2014 theft of customers' credit-card data. (1) will not waive or otherwise affect the Disclosing Party's ability to enforce its other intellectual-property rights (for example, copyrights and patents) against the Receiving Party except to the extent, if any, that the parties expressly agree otherwise in writing; and (2) will not affect any obligation of confidentiality imposed by law.
Free for (limited) use under a Creative Commons license. [for] the transportation and delivery of goods." (Wikipedia.com). Another useful patent-law analogy might the requirement of corroboration to support an assertion that an issued patent is invalid due to prior public use. In the Seventh Circuit's Fail-Safe case, the court pointedly noted that the plaintiff had not marked its information as confidential; the court affirmed the district court's summary judgment dismissing the plaintiff's claim of misappropriation. A disclosing party should always insist on imposing confidentiality obligations on a receiving party; otherwise, a court is likely to hold hold that the disclosing party had failed to make reasonable efforts to protect its confidential information. For the avoidance of doubt, the Receiving Party's undertaking of the obligations of the Agreement concerning Confidential Information is not intended and should not be interpreted as in itself establishing a confidential‑ or fiduciary relationship between the parties.
In the context of corporate governance, the illegal practice of setting the date of options awarded as part of executive compensation to a period when the stock price was very low (rather than setting the date of the options on the date the award was made).
Scenario: You own a business and noticed a few years ago that Facebook was the “place to be” for brand awareness and to connect with your customers.
See generally Ken Adams, Can a Trust Enter Into a Contract? Failing to name the correct corporate entity as the other party to the contract could leave the drafter's client holding the bag. 2015): Northbound's decision to sue the parent company, and not the subsidiary that was the named party to the contract, proved fatal to Northbound's breach-of-contract case. In that case, the contract (i) stated that it was creating a strategic alliance for the contracting party and its affiliates, and (ii) was signed by the president of the contracting party, who was also the sole managing member of the affiliate. Solely during the Authorized Use Period, the Receiving Party may use Confidential Information to the extent reasonably necessary for one or more of the following: (1) performing the Receiving Party's obligations under the Agreement; (2) exercising the Receiving Party's rights under the Agreement; (3) assessing whether to enter into another agreement with the Disclosing Party; and (4) any other particular authorized uses expressly agreed to in writing by the parties — it is immaterial if one or more of such other authorized uses, if any, falls within any of subdivisions (1) through (3) above.
This seems to have happened in Northbound Group, Inc. The Seventh Circuit affirmed summary judgment in favor of the parent company, saying: It goes without saying that a contract cannot bind a nonparty. If appellant is entitled to damages for breach of contract, [it] can not recover them in a suit against appellee because appellee was not a party to the contract. The court held that the affiliate was bound by, and violated, certain restrictions in the contract. Many confidential-information clause templates don't specify any pre-authorized uses of Confidential Information; typically, the parties end up negotiating some fairly-standard categories of authorized use.In the same vein, to save time, contract drafters (and reviewers) can consider incorporating selected Common Draft sections, or even entire contract drafts, by reference and specifying any desired variations or modifications — this could be thought of as "drafting by exception" or even as like INCOTERMS on steroids.* * For clarity: The Common Draft project is not sponsored, endorsed by, or otherwise associated with the International Chamber of Commerce, which produces the INCOTERMS® 2010 rules. That's because doing so can result in destruction of the disclosing party's trade-secret rights in its confidential information after the end of the confidentiality period. An obligation to return or destroy Confidential Information might not be practical if (for example) Confidential Information is embodied in a deliverable (for example, custom-developed computer software, or a physical object) that the receiving party will have the right to keep on using; this might be the case in a services agreement.Suggestion: If you incorporate one or more Common Draft provisions by reference, consider using your browser's "Save to PDF" or "Print to PDF" capability to preserve a copy of this deskbook for future reference. Receiving parties, of course, generally prefer to have fixed expiration dates for confidentiality obligations. PRO TIP: Unfortunately, sometimes parties forget about return-or-destruction obligations.If you want to post about a news story from the past, make sure you aren’t backdating it to before the story actually hit the news.(If an article posted at pm, don’t backdate for am that day) TIP #5: Temporarily unpublish your page while you backdate (don’t delete! TIP #6: None of your backdated posts will have likes, comments or shares, so privately ask family, friends and coworkers to go through and interact with those faux, old posts.In the context of mutual funds, a feature allowing fundholders to use an earlier date on a letter of intent to invest in a mutual fund in exchange for a reduced sales charge, e.g.