I have signed an NDA between my company and another company. I realized that their approach does not fit with my vision and I told them nicely that I am not willing to partner nor sell the company.
I have multiple question regarding this: 1: I was the only one to sign the NDA, their company did not sign it. The person who talked to me was not the same guy who's name was at the bottom to be signed by. Does the information they gave me still hold if it was stated by an employee in that company?
2: I looked over the NDA to see if there was any kind of termination on it. I saw this at the end:
" The obligations under this Agreement will continue in effect from the date hereof through 20th May, 2017. This Agreement (a) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous oral or written agreements, negotiations or representations concerning such subject matter (none of which prior or contemporaneous matters shall be binding on the parties); (b) shall be governed by the laws in the jurisdiction of the injured Party without regard to its conflict or law’s provisions; (c) may only be amended by a writing executed by both parties and dated after the date hereof; and (d) shall inure to the benefit of the parties hereto and their respective successors and assigns, and the obligations under which shall be binding upon the parties and their respective affiliates and associates, but shall not be assigned or delegated to any other person."
Does this mean that after the 20th of may, that the NDA is terminated and they can not tell me an idea is theirs? I am a but confused about what that statement meant.
3: They continue to contact me about saying that some ideas that existed were theirs. I was under the impression that NDA was to protect their companies information like how they do a specific thing. Does NDA also cover an idea (new feature) they want my company to implement (nothing regarding their company)? Given they have not given any facts on how to do it, just a general statement of I want you guys to build this and I will market it.
Thanks for the help!