NDA (Non Disclosure Agreement)

Agreement to be signed by any investor who is willing to start negotiations with a seller, previously to the delivery of any information whose diffusion is strategic. This agreement will display and list the information considered as confidential by the seller as well as the conditions in which the investor has access to them.
If the two parties finalize the transaction, the confidentiality agreement ends and is replaced by more complex agreements like the shareholders' agreement. On the opposite, if the transaction fails within the initially expected period of time, the investor will remain bound by the confidentiality agreement.
If the investor fails in its obligations, the sanctions will be the claim of damages, but which in reality are not always easy to obtain by the seller.