Non-Disclosure Agreement (NDA) for Peaceful Mind XR Business Plan
Introduction:
This Non-Disclosure Agreement ("Agreement") is entered into as of today, by and between the undersigned party, hereinafter referred to as the "Disclosing Party," and Peaceful Mind XR, hereinafter referred to as the "Receiving Party."
Purpose:
The Disclosing Party has disclosed or may disclose to the Receiving Party certain confidential information (the "Confidential Information") for the purpose of discussing potential business opportunities and collaborations between the parties.
Confidential Information:
Confidential Information shall include all information disclosed by the Disclosing Party to the Receiving Party, whether oral, written, or otherwise, that is not generally known to the public and that is proprietary to the Disclosing Party.
Confidential Information may include, but is not limited to:
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Business plans and strategies
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Financial information
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Intellectual property
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Technology and software
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Marketing and promotional plans
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Customer information
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Any other proprietary information related to Peaceful Mind XR
Obligations of the Receiving Party:
The Receiving Party agrees to hold the Confidential Information in strict confidence and to take all reasonable precautions to prevent unauthorized disclosure or use of the Confidential Information. The Receiving Party shall not disclose, reproduce, or use the Confidential Information for any purpose other than the purpose for which it was disclosed.
The Receiving Party shall limit access to the Confidential Information to employees, contractors, or third parties who have a legitimate need to know such information for the purpose of evaluating potential business opportunities with the Disclosing Party. The Receiving Party shall ensure that such individuals are bound by obligations of confidentiality and non-use at least as restrictive as those set forth in this Agreement.
Exceptions:
The obligations of confidentiality and non-use shall not apply to information that:
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Is or becomes public knowledge through no fault of the Receiving Party.
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Is independently developed by the Receiving Party without reference to or reliance upon the Confidential Information.
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Is rightfully obtained by the Receiving Party from a third party without restrictions on disclosure.
Duration of Confidentiality Obligations:
The obligations of confidentiality and non-use shall continue for a period of 25 years from the effective date of this Agreement.
Return or Destruction of Confidential Information:
Upon the Disclosing Party's written request or the termination of discussions between the parties, the Receiving Party shall promptly return or, at the Disclosing Party's option, destroy all copies of the Confidential Information in its possession or control.
No License or Ownership Rights:
Nothing in this Agreement shall be construed as granting any license or ownership rights to the Receiving Party, by implication, estoppel, or otherwise, under any patent, trademark, copyright, or other intellectual property right of the Disclosing Party.
Miscellaneous:
This Agreement shall be governed by and construed in accordance with the laws of United States and Canada. Any disputes arising under or in connection with this Agreement shall be resolved by arbitration in accordance with the rules of the Arbitration Organization, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Non-Disclosure Agreement as of the effective date on the form.