An NDA is best suited where you may want to share information with a third party (outside your organisation). Also, another agreement does not deal with the safe exchange of information or its potential abuse.
This is because employees, for example, are usually bound to confidentiality in their employment contracts. Also, the Companies Act and shareholder agreements deal with conflicts of interest and avoid exploiting commercial opportunities at companies’ decision-making levels. NDAs can therefore be valuable in all other contexts.
NDAs can apply to both parties towards each other and protect their respective sharing of confidential information. It can also use for a specific time or indefinitely. Therefore, what fits your sharing situation best is a question of context.
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