Clause 1:
In accordance with the common practice and handling of information classified as “confidential,” all information disclosed and discussed by the First Party with the Second Party (in entirety) shall remain confidential between them. Both parties commit to maintaining this confidentiality. This also applies to information acquired by the Second Party with the intention of cooperation and the possibility of entering into a business relationship, such as a partnership or any other options that may be discussed by the parties after signing this agreement electronically, whether in person, remotely, through intermediaries, in writing, verbally, visually, or information embodied in an electronic form related to prototypes, future or proposed service data, knowledge, actual or expected research, development, services, operations, concepts and ideas, designs, customer lists, markets, sales, marketing, plans, copyrights, graphics, computer programs, studies, ongoing business processes, confidential banking information, future business operations, pricing, strategies, financial data, future business plans, confidential information disclosed by the First Party to the Second Party, and any other unrecorded information with commercial or financial value.
Clause 2:
All types of data and information exchanged between the parties as defined previously are considered private and fall under “highly confidential and sensitive.” They shall be treated as such and are not authorized for exchange outside the parties signing this agreement or for purposes other than their intended use, as they are highly confidential and sensitive in all technical, financial, and administrative aspects.
Clause 3:
Both parties commit to maintaining the continuity of this agreement and adhering to the purpose for which it was made. They pledge to strictly maintain the confidentiality of the information exchanged between them solely for the benefit of the authorized party to disclose it.
Clause 4:
Both parties agree to refrain from using the confidential information exchanged between them for any purpose contrary to the objectives and terms of this agreement without obtaining written consent from the other party or obtaining a license to do so.
Clause 5:
Both parties commit to taking all reasonable precautionary measures to protect the confidentiality of the information and keep it in a safe place to ensure that the confidential information and data are not disclosed to any other party, including third parties working for both parties or employees, except with written consent from the other party and to the extent necessary and reasonable for the proper conduct of work.
Clause 6:
In the event of termination of this agreement at any time at the request of either party, both parties commit to continuing to maintain the confidentiality of the information and data and not disclosing them. They also commit not to compete with each other during the term of this agreement and, in case of disagreement or inability to agree on the proposed ideas, vision, direction, or project, the Second Party agrees to return all documents and papers (physical or electronic) related to what was proposed (if any in their possession) to the First Party.
Clause 7:
If the Second Party breaches the terms of this agreement or discloses confidential information or information characterized as such, they shall be fully liable for compensating any damages that may be incurred by the First Party if such disclosure is proven officially and documented according to the regulations and provisions of the competent authorities and legal references such as intellectual property rights and similar.
Clause 8:
In case of any dispute that may arise from this agreement between the parties, they shall seek to resolve it amicably based on the principles of good faith, mutual trust, and fairness. If a satisfactory resolution cannot be reached, the matter shall be referred to arbitration by three arbitrators, each party choosing one, and the third being chosen from the selected arbitrators by both parties. The arbitration decision shall be binding on both parties.
Clause 9:
I pledge before God and myself not to disclose, share, transfer, or retain for myself or others any names, ideas, directions, projects, or anything presented by the First Party during or after the negotiation period, even if no agreement is reached between the parties. All presented items remain the sole property of the First Party.
V- Community (Absher verified)
