ITIC warns on pitfalls of confidentiality agreements
has advised shipbrokers, consultants and other advisers not to sign confidentiality agreements which restrict their ability to do business.
Noting that it is increasingly being asked to comment on confidentiality (or so-called non-disclosure) agreements, ITIC says, "The use of such agreements has always been common when parties are considering doing business but need to provide information to the other party before they enter into a formal contract. In these circumstances, the party providing the information will protect its interests by insisting that the receiving party signs a stand-alone confidentiality agreement. Historically, this has been associated with transactions such as the sale of corporations but, more and more, ITIC is seeing it in a wide range of circumstances involving its members.
"Consultants and other advisers needing access to information to enable them to provide their services are frequently asked to sign confidentiality agreements. Increasingly, too, shipbrokers providing valuation services receive the same request. The important thing is to ensure that the wording of the agreement does not unnecessarily restrict the member's ability to do business with other clients."
ITIC has created an e-learning seminar which will explain common provisions in confidentiality agreements, and some of the pitfalls to avoid. The seminar is accessible athttp://www.itic-insure.com/knowledge-zone/e-learning-seminars/
ITIC Press Release PR0914
- ITIC is managed by Thomas Miller. More details about the club and the services it offers can be found on ITIC's website at www.itic-insure.com
|Charlotte Kirk||Chris Hewer|
|ITIC||Merlin Corporate Communications|
|Tel: +44 (0)20 7338 0150||Tel: +44 (0)1903 50 20 50|
|Fax: +44 (0)20 7338 0151||Fax: +44 (0)1903 50 02 72|
Thomas Miller Group
You may also be interested in:
International Transport Intermediaries Club (ITIC) has successfully defended a ship manager against allegations of negligence made by a shipowner following the loss of a lifeboat overboard.
International Transport Intermediaries Club (ITIC) has produced an e-learning video for ship agents on the use of 'switch bills of lading', a second sets of bills used as a substitute for the original bills of lading issued at time of shipment.
Marie Caine (Underwriter, Thomas Miller Specialty) represented Thomas Miller at the Sierra Leone Marathon for Street Child in June this year