Startup Legal Services
Service Legal Agreement
Service agreement is a legal contract between two persons or businesses where they agree to provide services to another. This agreement binds both the parties. Service level agreement is a legal contract between the service provider and the service receiver where they decided the quality and price of service which is to be delivered. B2C (Business to Consumer) and B2B (Business to Business) are two types of service level agreement.
Termination of Agreement
A termination of agreement means to use when the party wants to terminate the contract because of any reason. When one of the parties to the contract does not satisfy with the work done and the quality, they send the letter to termination the agreement. Termination of agreement can be used for terminating any agreement.
Important Points to Remember
- Evaluate the original contract
- Complete all the duties to the contract
- Copy of termination of agreement for both the parties
- Termination agreement should be signed by both the parties.
Non Disclosure Agreement
A non-disclosure contract is a legal contract which specify that the confidential material , information, details about the contract should not disclose to the third party. The contract set the boundaries and restrict to disclose the contract important information. Business secrets, work plan, trade process and strategies, depictions, infographics and etc are few examples of necessary information.
Non-disclosure agreements are legally binding agreements, breach of agreement or any violation resulted to potential fines and other repercussions. NDA is legally binding. Any violation and breach of agreement may lead to take legal action against the party. NDA is important because for protecting the confidential information. It is a legally binding agreement. Companies and startups use this agreement because they want to secure and ensure that the information they are sharing with their employees won’t be stolen or used by anyone.
Benefits of NDA
- Protect and Secure all the secret information and details.
- Any violation and breach of information leads to file a legal suit against the breached party
- Preserving business relationships
Kinds of NDA
There are three types of non- disclosure agreement:
- Unilateral : Unilateral or ‘one way’ NDA, includes two parties where only one of them disclose the information
- Bilateral : Bilateral or ‘two-way’ NDA , includes two parties where both the parties intend to disclose their information
- Multilateral: multilateral NDA involves more than two parties or three parties where only one party intends to disclose their information to others
How NDA works:
- Non disclosure agreement between the two companies who want to protect their information and details while intend to start a new business with each other
- Employer and employee may sign the NDA because if the employee is working and have access to some important information about the company
- NDA helps to kept secrets information about the company or the project they are working on. NDA works by signing the agreement by the parties to avoid any hassle in future and most importantly secure their secret information
Do I need to be physically present during this process?
Can we expand NDA after expiry?
If the non disclosure agreement expired and you want to continue with the NDA then you need to make a new agreement with specification of all the conditions about non disclosure of the information.
How much time is needed for setting up a private limited company in India?
What happened if there is a violation of the NDA?
If NDA is breached or there is any violation in the agreement
An injunction to prevent further information.
Accrued damages should be compensated.