Payments M&A glossary
NDA (Non-Disclosure Agreement)
The legal agreement that protects confidential information shared between parties during an M&A process.
Also known as
Non-Disclosure Agreement · Confidentiality Agreement · CA
Full definition
An NDA is signed by every buyer who wants to receive the CIM and substantive diligence materials. It protects against unauthorized disclosure of confidential information and typically includes non-solicit provisions (no poaching employees), non-circumvention (no going around the advisor), and standstill provisions in some cases. NDAs are the first piece of paper in nearly every M&A process and they are non-negotiable from a seller's perspective.
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