Definition
Non-Disclosure Agreement (NDA)
Contract that governs how each party handles the other's confidential information during a process.
The NDA is gate one of any M&A process. Modern sell-side NDAs include non-solicit (no hiring the target's people for 12–24 months), residual-clause language (what counsel may keep in memory vs. files), and clean-team carve-outs for competitively sensitive data. On the buy-side, your counsel should flag any clause that effectively functions as a standstill before you've seen anything.
See also
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