Business Disclosure Agreement Template for Nigeria

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Key Requirements PROMPT example:

Business Disclosure Agreement

"I need a Business Disclosure Agreement for my Nigerian tech startup to protect confidential information while discussing potential investment opportunities with venture capital firms, with specific provisions for protecting our proprietary software code and client data."

Document background

The Business Disclosure Agreement serves as a critical legal instrument in Nigerian business transactions where parties need to share sensitive information while maintaining confidentiality. This document is essential when businesses are exploring potential partnerships, conducting due diligence, or engaging in negotiations where proprietary information needs to be disclosed. It complies with Nigerian legal requirements, including the Freedom of Information Act 2011, Evidence Act 2011, and the Nigerian Data Protection Regulation 2019. The agreement typically precedes major business transactions and can be customized to address specific industry requirements, ranging from technology transfers to joint ventures. It provides legal recourse under Nigerian law if confidential information is misused or disclosed without authorization.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names, registration numbers, and addresses

2. Background: Context of the agreement, business relationship between parties, and purpose of information sharing

3. Definitions: Clear definitions of key terms including 'Confidential Information', 'Permitted Purpose', 'Representatives', and other relevant terms

4. Scope of Confidential Information: Detailed description of what constitutes confidential information under the agreement

5. Obligations of Confidentiality: Core confidentiality obligations, including handling, storage, and protection of confidential information

6. Permitted Disclosures: Circumstances under which confidential information may be disclosed and to whom

7. Security Measures: Required security measures for protecting confidential information

8. Return or Destruction of Information: Procedures for returning or destroying confidential information upon request or termination

9. Duration and Survival: Term of the agreement and surviving obligations

10. Breach and Remedies: Consequences of breach and available remedies including injunctive relief

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

12. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability

Optional Sections

1. Data Protection Compliance: Specific provisions addressing NDPR compliance, recommended when personal data is involved

2. Intellectual Property Rights: Additional provisions protecting IP rights, needed when confidential information includes IP

3. Non-Solicitation: Prevents poaching of employees/clients, useful in competitive business relationships

4. Export Control: Required when confidential information may be subject to international transfer restrictions

5. Force Majeure: Addresses unforeseen circumstances preventing compliance, optional but recommended

6. Insurance Requirements: Specifies required insurance coverage for handling confidential information

7. Audit Rights: Allows auditing of confidential information handling, useful for high-security situations

Suggested Schedules

1. Schedule 1: Specified Confidential Information: Detailed list or categories of confidential information covered

2. Schedule 2: Authorized Representatives: List of authorized representatives who may access confidential information

3. Schedule 3: Security Protocols: Detailed security measures and protocols for handling confidential information

4. Schedule 4: Approved Third Party Recipients: Pre-approved third parties who may receive confidential information

5. Appendix A: Form of Confidentiality Undertaking: Template for confidentiality undertaking by representatives

6. Appendix B: Information Return/Destruction Certificate: Template certificate confirming return or destruction of confidential information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Oil and Gas

Financial Services

Technology

Manufacturing

Healthcare

Telecommunications

Professional Services

Real Estate

Agriculture

Mining

Construction

Retail

Education

Entertainment

Transportation and Logistics

Relevant Teams

Legal

Compliance

Executive Leadership

Business Development

Information Technology

Research and Development

Human Resources

Finance

Operations

Risk Management

Corporate Affairs

Information Security

Strategy

Mergers and Acquisitions

Relevant Roles

Chief Executive Officer

Managing Director

Legal Counsel

Business Development Manager

Project Manager

Chief Financial Officer

Chief Technology Officer

Operations Director

Compliance Officer

Risk Manager

Investment Manager

Research and Development Director

Human Resources Director

Strategy Consultant

Corporate Secretary

Information Security Officer

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Authors

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