Define: Need to Know Basis

How is 'Need to Know Basis' defined in a legal contract?

• 'Need to Know Basis' means that certain sensitive information should only be disclosed to those within the [organization] who require the information to fulfill their responsibilities, and having such information will not result in a conflict of interest or appear as information abuse. Seen in 74 SEC filings
• 'Need to Know Basis' means that certain sensitive information (UPSI), should only be disclosed or obtained by persons who need to share or access the UPSI for legitimate purposes, performance of duties or to abide by their legal obligations, and having such information will not result in a conflict of interest or appear as information abuse. Seen in 6 SEC filings
• 'Need to Know Basis' means the selective disclosure of Price Sensitive/Confidential Information to those within the [organization] who require the information in performing their duties or to fulfill their legal obligations. Seen in 5 SEC filings
• 'Need to Know Basis' means that certain sensitive information should only be communicated to designated persons or others who require the information in furthering their legitimate purpose, performance of duties, or to fulfill their legal obligations, and having such sensitive information will not lead to a conflict of interest or appear as misuse of the information. Seen in 5 SEC filings
• 'Need to Know Basis' means sharing of UPSI to persons who require the information to fulfill their responsibilities and having such information will not result in a conflict of interest or appear as information misuse. Seen in 2 SEC filings
• 'Need to Know Basis' means the disclosure of UPSI only to those within [organization] who require the information for legitimate purposes or in performance of duties or discharge of their legal obligations. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of need to know basis' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

'Need to Know Basis' means disclosing confidential data only to individuals requiring the information to perform their duties.

Relevant Contract Types

• Non-Disclosure Agreement (NDA)
• Employment Contract
• Shareholder Agreement
• Partnership Agreement

Relevant Circumstances

• Disclosing business operations and strategies
• Sharing financial or technical information with employees
• Revealing sensitive data to business partners

Relevant Sectors

• Information Technology
• Finance
• Healthcare

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Genie Definition 2

'Need to Know Basis' means sharing sensitive information solely with individuals whose possession won't conflict or seem like misuse.

Relevant Contract Types

• Service Contract
• Consultancy Agreement
• Data Exchange Agreement

Relevant Circumstances

• Hiring consultants or freelancers
• Outsourcing services to third parties
• Exchanging data with external organizations

Relevant Sectors

• Legal Services
• Consulting
• Education

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