Common use of Confidentiality of Background, Own Foreground and Joint Foreground Clause in Contracts

Confidentiality of Background, Own Foreground and Joint Foreground. Each Party agrees with respect to Background disclosed by another Party, Own Foreground of another Party and Joint Foreground of other Parties: - to use such Background and Foreground solely for the purpose for which it was disclosed (if no purpose was agreed, the purpose shall be the execution of the Project by the Party that received the Background or Foreground); - not to disclose such Background and Foreground to any third party without the prior written consent of the Party that disclosed the Background or Foreground; - ensure that internal distribution of such Background and Foreground takes place on a strict need-to-know basis; - take all reasonable precautions to prevent the unauthorised disclosure of the Background and Foreground. These obligations apply mutatis mutandis to information that a person in a like position and under like circumstances would reasonably treat as confidential, such as financial, legal and business information. The obligations of this Article 7.1 shall remain in force and effect for three (3) years as of the end of the Project.