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Confidentiality,
Non-circumvention and Heads of Agreement
Witnesseth:
This agreement
is made and entered into by and between:
_______________________________________________________________________
_______________________________________________________________________
Whereas,
the parties contemplate entering into an ongoing business relationship
which will involve from time to time the disclosure to each other of information
and data of a sensitive and proprietary nature.
Whereas,
the parties desire to set out in this Agreement the terms and conditions
governing the treatment of confidential information and data and the undertakings
each of the parties shall give to the other to refrain from, or prevent,
improper disclosure or unauthorised use of confidential information.
Now, therefore,
in consideration of the premises, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:
Confidential
Information
When designated in writing as such by the party making disclosure,
"Confidential Information" shall include the names, addresses,
telephone, telex, and facsimile numbers of each of the parties hereto
and of the parties the identity of which is disclosed by the parties hereto,
including, but not limited to, the source or sources of any funds sought
or acquired by a party in order to engage in transactions contemplated
between the parties hereto and banks and consultants or advisors involved
in one or more investment or capital formation programmes. Provided,
however, that "Confidential Information" shall not include information
that is already in possession of the party to whom it is disclosed or,
otherwise, information that is in the public domain. In the event
a party receiving information designated as "Confidential Information"
objects to said designation pursuant to the immediately preceding sentence,
said receiving party shall notify the disclosing party of said objection
within five (5) business days of receipt of said information, and the
parties shall mutually determine the merit of the objection and the information
shall be treated accordingly for purposes of this Agreement.
Treatment
of Confidential Information
In consideration of the mutual exchange and disclosures of Confidential
Information, defined in Section 1, above, each party hereto, for itself,
its stockholders, directors, officers, employees, affiliates, consultants,
agents, representatives, accountants, principals, and counsel (collectively,
"Associates") undertakes in relation to all Confidential Information
disclosed by another party hereto:
To treat
all Confidential Information in confidence and to use it only in connection
with transactions contemplated between the parties hereto, and not to
use, or permit to be used, Confidential Information for any other purpose,
and, in particular, but without prejudice to the generality of the foregoing,
not to use, or permit to be used, the same for the benefit of itself or
for any third party other than pursuant to this Agreement.
Except as
may be required by applicable law, rule, regulation, and legal process,
not to copy, to reproduce, to disclose, or to distribute Confidential
Information to or for any third party, other than to or for an Associate
in a manner which is necessary or desirable in order to further a contemplated
transaction between the parties hereto to be concluded consistently with
the terms of this Agreement, without the prior consent of the disclosing
party.
Not to contact
or to deal with or otherwise to communicate with, directly or indirectly,
any individual or entity described in Section 1 hereof, the identity of
which has been divulged or otherwise disclosed by another party hereto,
without the prior consent of such party; and
To apply
thereto no lesser security measures and degree of care than those which
the receiving party applies to its own confidential or proprietary information.
Authorised
Disclosure
Each party warrants to the best of its knowledge and belief that it
has the right to disclose its Confidential Information and/or data to
the other parties in accordance herewith, and the right to authorise the
other parties to use the same for the purposes of this Agreement.
Breach
The failure of a party or of an associate of a party to observe and
to comply with the undertakings set forth herein shall be deemed to be
a breach of this Agreement, entitling the party or parties who provided
the Confidential Information in the first instance to all remedies available
at law or in equity. In any action brought to enforce the terms
of this Agreement, the successful plaintiff or plaintiffs shall be entitled
to recover reasonable attorneys' fees and costs of litigation in addition
to other such relief as may be granted.
Governing
Law
This Agreement shall be governed by the laws of such country as the
aggrieved party chooses to institute proceedings against the defaulting
party. The law courts of such chosen country shall have exclusive
jurisdiction to hear such dispute.
Severability
The invalidity of any provision hereof shall not render unenforceable
the entire Agreement, but rather the invalid provision shall be stricken
from the Agreement or shall be modified in such a manner so as to be legally
enforceable yet remain as similar as legally be permitted to the terms
originally expressed in the Agreement, and the remainder of the Agreement
shall remain in full force, as though the deleted provision had never
been a part thereof, or that the provision, as modified, constituted the
original language.
Assignability
The rights and obligations of each party under this Agreement may
not be assigned without the prior written consent of all other parties
hereto.
Counterparts
This Agreement may be executed in counterparts, and all such counterparts
taken together shall be deemed to constitute one and the same instrument.
Amendments
This Agreement may not be amended or modified except by a writing
signed by each of the parties.
Term
The obligations running to a party disclosing Confidential Information
pursuant to this Agreement, shall extend for a period of five (5) years
from the date upon which such Confidential Information is disclosed hereunder.
Signature
Signature of the parties appearing on a faxed document or copy thereof
shall constitute proof of such signature
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