BizCounsel's dictionary of legal terms defines common terms concerning business contracts, employment law, and more.
A contractual provision meaning that the performance of a term or condition in the time period specified is important (or material), and that the failure to perform within the specified time will lead to a breach of the contract.
See Also: Acceleration Clause, Severability Clause
A liquidated damages clause is a section of the NDA that establishes the monetary consequences when there's a breach of the agreement.
Oct. 7, 2019Non-disclosure agreements (NDAs) play an important role in facilitating strong business relationships and securing confidential business information.
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