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Can You Really Make Money Trading Commodities Online? The Necessary NDA 2

Updated on September 14, 2009

2. Furthermore, the "parties" irrevocably agree that they shall not disclose or otherwise reveal directly or indirectly to a third party any confidential information provided by one "party" to the other or otherwise acquired, particularly, contract terms, product information or manufacturing processes, prices, fees, financial agreement, schedules and information concrning the identity of the sellers, producers, buyers, lenders, borrowers, brokers, distributors, refiners, manufacturers, technology owners, or their representative and specifically individuals names, addresses, pricipals, or telex/fax/telephone numbers, references, product or technology information and/or all other information advised by one "party(s)" to be one another as being confidential or privileged without prior specific written consent of the "party(s)" providing such information.

What this states is that essentially anyone outside of this agreement will never find out as much as an inkling of what is going on, what money is involved, what commodity is being traded, who is doing it, where they are, how to contact them, the color of their eyes, the name of their cat, of the brand of their favorite underwear. Of course there is one way that this information can be released. By a court order. You will not be expected to perjure yourself in front of a judge. But anything short of looking up at the black robe and the gavel and to the best efforts of anyone on the outside finding out anything at all this deal never happened.

3. This agreement shall be valid for five (5) year commencing from the date of this agreement and expire on 2014. This agreement has an option to renew for a further period of five (5) year subject to and upon the terms and conditions agreed between both parties.

This is tricky because in some cases the NDA lasts for five years and in other cases it's in perpetuity. It varies from case to case and my advice is to keep it short. You don't want to be sitting in front of the TV in the old age home half a century from now having pablum spooned into your mouth when your dementia makes you blurt out something that is going to get you sued.

4. Legal remedy for breach of any of the above agreed to covenants shall be governed by the United Nations' laws and the laws of the country/state/province/region of the "parties" declaring such breach. In the event that an amicable settlement cannot be agreed to by mutual discussion and/or arbitration by a third party each of the parties subject to the declared breach shall be responsible for their own legal expenses until a settlement or judgement is reached, provided however, that the "party" found in default by a judgement shall compensate in full the aggrieved "party" for all its legal expenses, nothwithstanding any other provisions of the judgement.

In other words if you or any other party violates the terms of this agreement, you will try to work it out in a friendly manner. If that fails, then you go to court and you're responsible for your own legal expenses. It's not at all unusual in cases such as this to be facing a legal bill of upwards of a million dollars, so you would be well advised, as I stated before, to honor this agreement to the letter!

Continued In Can You Really Make Money Trading Commodities Online? The Necessary NDA 3

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