Business Secrecy Sample Clauses
The Business Secrecy clause is designed to protect confidential and proprietary information shared between parties during the course of their business relationship. It typically requires each party to refrain from disclosing or using sensitive business information, such as trade secrets, client lists, or financial data, except as necessary to fulfill the agreement. By establishing clear boundaries for the handling of confidential information, this clause helps prevent unauthorized disclosure and misuse, thereby safeguarding the competitive interests and intellectual property of the parties involved.
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Business Secrecy a. The Contracting Parties undertake to protect as a business secret all confidential data, information, documents, knowledge, documentation, and other material in a formal form (paper, electronic medium) that they exchanged on the basis of an Order/Agreement. As business secrets shall be regarded all data and information determined as a business secret or if such status unambiguously follows from their nature, in particular, but not limited to, data that can be expected to cause damage to a Party if disclosed. The Contracting Parties shall not disclose business secrets and confidential data and information to third parties and may only use it for the fulfilment of their obligations under the Order/Agreement. Possible subcontractors shall not be deemed as third parties if the Supplier ensures that they shall respect the obligation of professional secrecy in the same way as the Contractor.
b. Business secrets must be protected by the persons involved in the execution of services under the Order/Agreement for at least five (5) years after the signature of the final takeover record or, in case of termination of the Order/Agreement, for at least 5 years after such termination, unless a longer term is set under the Order/Agreement.
c. This provision supplements but does not replace the provisions regarding business secrets in the Order/Agreement.
Business Secrecy a. The Contracting Parties undertake to protect as a business secret all confidential data, information, documents, knowledge, documentation, and other material in a formal form (paper, electronic medium) that they exchanged on the basis of an Order/Agreement. As business secrets shall be regarded all data and information determined as a business secret or if such
Business Secrecy. (1) Each of the parties will not divulge or disclose to a third party or parties any and all matters and information of a confidential nature related to the terms of this Agreement, the Test Market, the business transactions and the PRODUCTS, which have come to its knowledge through transactions under this Agreement, including those which were known to the respective parties at the time of the signing of this Agreement. The provisions of this paragraph do not apply to matters or information which are in the public domain and which any party otherwise procures lawfully from other sources and has the right to disclose to other parties.
(2) The obligations undertaken by the parties hereto pursuant to Article 8
(1) will survive termination of this Agreement and will remain in effect and be binding on the parties hereto indefinitely after termination of this Agreement.