Define: Confidentiality Agreement

UK Accounting Glossary

Definition: Confidentiality Agreement



Advertisement



Full Definition of Confidentiality Agreement


A confidentiality agreement, also called nondisclosure agreement, is a contract entered into by two or more individuals, in which all parties agree that certain information is to remain confidential. The most important function of a confidentiality agreement is to protect sensitive commercial, technical, or scientific information. A confidentiality agreement is frequently utilized to protect trade secrets or any kind of proprietary data vital to sustained competitiveness. A constructive confidentiality agreement must define exactly what information can and cannot be disclosed. However, the depth and scope of a confidentiality agreement is virtually without limit. For any information deemed confidential by the proprietor may be entered into a confidentiality agreement. If the confidentiality agreement is violated and the information is revealed, the wronged party may pursue legal action and seek injunctive and monetary damages. A confidentiality agreement is common in employment law and is often interred onto by employers and employees.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/confidentiality-agreement/
Modern Language Association (MLA):
Confidentiality Agreement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/confidentiality-agreement/.
Chicago Manual of Style (CMS):
Confidentiality Agreement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/confidentiality-agreement/ (accessed: April 04, 2020).
American Psychological Association (APA):
Confidentiality Agreement. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/confidentiality-agreement/

Definition Sources


Definitions for Confidentiality Agreement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th February 2020.