NDA
A nondisclosure agreement that limits how a buyer may use or share the seller’s confidential financials and customer information.
Last updated September 5, 2026
An NDA (nondisclosure or confidentiality agreement) is usually required before a CIM, tax returns, or customer lists are shared. It typically restricts use of the information to evaluating the acquisition and bars solicitation of employees or customers for a period. Brokers often use a standard form; counsel should review unusual non-solicit or non-compete language that goes beyond confidentiality. Signing an NDA is not a commitment to buy.