Proprietary agreements are used for maintaining the confidentiality of another party's information. Proprietary information is sensitive or secretive information a company has that must remain confidential.
Description
In business it is imperative that secretive information a company has remains secret. Employees and other people with interests in the company, such as vendors, often have access to this sensitive information. Information of this kind includes business practices, pricing and customer lists. Proprietary agreements are used for protecting this information.
Purpose
A company has its employees, vendors and others with access to confidential information agree to keep company information confidential by signing a Proprietary Agreement. This agreement states that all information must not be disclosed to any third party without consent from management.
Features
Companies limit employee access to this information by allowing access only to certain employees in the company. These employees might be required to sign a Proprietary Agreement with the company. The agreement itself includes the parties involved, the agreement for keeping this information confidential and the consequences if broken.
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