Confidentiality and Non-Disclosure Agreement
1800 South Wolf Road • Des Plaines, IL 60018 • Phone: 847-297-0744Email: email@example.com • Website: www.patentstoretail.com
THIS AGREEMENT, made , between (hereinafter “Disclosing Party”), and Patents to Retail Partners, L L C (hereinafter “Receiving Party”).
WHEREAS, the Disclosing Party and Receiving Party wish to discuss and exchange certain items and information related to business programs, products, applications, systems, components, technologies and business topics (the “Invention”) which the parties hereto consider highly confidential and proprietary.
WHEREAS, Receiving Party’s evaluation requires Disclosing Party to submit to Receiving Party information regarding the Invention;
WHEREAS, the parties acknowledge that such information is confidential and proprietary and should be used by Receiving Party only for the limited purpose of evaluating the purchase of the Invention;
NOW THEREFORE, the parties hereto, intending to be legally bound in consideration of the mutual covenants and agreements set forth herein, hereby agree as follows:
1.1. “Invention” shall mean all information relating to business programs, products, applications, systems, components, technologies and business topics.
1.2. “Confidential Information” shall mean all information provided by Disclosing Party with respect to the Invention regardless of whether it is written, oral, audio tapes, video tapes, computer discs, machines, prototypes, designs, specifications, articles of manufacture, drawings, human or machine readable documents. Confidential Information shall also include all information related to the Invention provided by Disclosing Party to Receiving Party prior to the signing of this agreement. Confidential Information shall not include any of the following:(a) such information in the public domain at the time of the disclosure, or subsequently comes within the public domain without fault of the Receiving Party;(b) such information which was in the possession of Receiving Party at the time of disclosure that may be demonstrated by business records of Receiving Party and was notacquired, directly or indirectly, from Disclosing Party; or (c) such information which Receiving Party acquired after the time of disclosure from a third party who did not require Receiving Party to hold the same in confidence and who did not acquire such technical information from Disclosing Party.
1.3. “Disclosing Party” shall mean the party disclosing information to the other relating to the Invention.
1.4. “Receiving Party” shall mean the party receiving information from the other relating to the Invention.
2. USE OF CONFIDENTIAL INFORMATION
The Receiving Party agrees to:(a) receive and maintain the Confidential Information in confidence;(b) examine the Confidential Information at its own expense;(c) not reproduce the Confidential Information or any part thereof without the express written consent ofDisclosing Party;(d) not, directly or indirectly, make known, divulge, publish or communicate the Confidential Informationto any person, firm or corporation without the express written consent of Disclosing Party;(e) limit the internal dissemination of the Confidential Information and the internal disclosure of theConfidential Information received from the Disclosing Party to those officers and employees, if any, of theReceiving Party who have a need to know and an obligation to protect it. Receiving Party shall take allsteps necessary to insure that every employee, agent or representative of Receiving Party to whom theConfidential Information is divulged observes the undertakings in this Agreement;(f) not use or utilize the Confidential Information without the express written consent of Disclosing Party;(g) not use the Confidential Information or any part thereof as a basis for the design or creation of anymethod, system, apparatus or device similar to any method, system, apparatus or device embodied in theConfidential Information unless expressly authorizedin writing by Disclosing Party; and(h) utilize the best efforts possible to protect and safeguard the Confidential Information from loss, theft,destruction, or the like.
3. DESTRUCTION OF CONFIDENTIAL INFORMATION
All information provided by the Disclosing Party shall remain the sole property of the Disclosing Party.Receiving Party agrees to destroy all Confidential Information to Disclosing Party immediately uponwritten demand by Disclosing Party, including copies thereof. When the Receiving Party has finishedreviewing the information provided by the Disclosing Party and has made a decision as to whether or not towork with the Disclosing Party, Receiving Party shall return all information to the Disclosing Party withoutretaining any copies.
This Agreement shall be non-assignable by the Receiving Party unless prior written consent of theDisclosing Party is received. If this Agreement is assigned or otherwise transferred, it shall be binding onall successors and assigns.
5. GOVERNING LAW
This Agreement and all questions relating to its validity, interpretation, performance and enforcement(including, without limitation, provisions concerning limitations of actions), shall be governed by andconstrued in accordance with the laws of the State of Illinois, notwithstanding any conflict-of-lawsdoctrines of such state or other jurisdiction to the contrary, and without the aid of any canon, custom or ruleof law requiring construction against the draftsman.
6. No License
Neither party does, by virtue of disclosure of the Confidential Information, grant, either expressly or byimplication, estoppel or otherwise, any right or license to any patent, trade secret, invention, trademark,copyright, or other intellectual property right.
7. Binding Nature of Agreement
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respectiveheirs, personal representatives, successors and assigns.
8. Provisions Separable
The provisions of this Agreement are independent of and separable from each other, and no provision shallbe affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or othersof them may be invalid or unenforceable in whole or in part.
9. Limitation of Liability
Disclosing Party acknowledges that Receiving Party will not be providing services for Disclosing Partydirectly and uses a third party sales agent (the “Sales Agent”) for the fulfillment of Services described inthis Agreement. In the event Disclosing Party has an issue with the services provided, Receiving Party will(a) notify the Sales Agent of the claim and (b) work with the Sales Agent and the Disclosing Party toresolve the dispute, but Disclosing Party acknowledges that Receiving Party is not financially responsiblefor and does not guarantee the quality of any work product performed by the Sales Agent. Any claims bythe Disclosing Party made later than seven (7) days after payment is made for work product giving rise tothe claim shall be deemed waived; all claims related to the services must be made within seven (7) days.Payment by Disclosing Party to Receiving Party is due at or prior to commencement of the services by theSales Agent.
10. ENTIRE AGREEMENT
This Agreement sets forth all of the covenants, promises, agreements, conditions and understandingsbetween the parties and there are no covenants, promises, agreements or conditions, either oral or written,between them other than herein set forth. No subsequent alteration, amendment, change or addition to thisAgreement shall be binding upon either party unless reduced in writing and signed by them.11. ArbitrationAny controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall beresolved by arbitration conducted by the Commercial Division of the American Arbitration Association andin accordance with the rules thereof, conducted in Chicago, Illinois, or in any other convenient forumagreed to in writing by the parties. Any arbitration award shall be final and binding, and judgment upon theaward rendered pursuant to such arbitration may be entered in any court of proper jurisdiction.Notwithstanding the foregoing, Receiving Party hereby confirms and acknowledges that Receiving Partyand Disclosing Party have entered into this Agreement on the understanding that any breach hereof byReceiving Party will cause Disclosing Party irreparable and continuing injury for which there will be noadequate remedy at law. Receiving Party expressly agrees that, in addition to all other remedies (includingmonetary damages) that Disclosing Party may be entitled to as a matter of law, Disclosing Party shall beentitled to specific performance and any other form of equitable relief (including injunctive relief) toenforce the provisions of this Agreement.
IN WITNESS OF THEIR AGREEMENT, the parties have set their hands to it below effective theday and year first written above.Disclosing Party-Inventor Receiving Party-Patents to RetailBy:
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Signed by Andy Berger
Signed On: July 23, 2020
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Document Name: Confidentiality and Non-Disclosure Agreement
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