Hi Everyone!
Potential newbie question here.
A BP user was advertising REO properties in Florida. When I reached out to them they sent me a 3 page NCND non-ciscumventing non-disclosure agreement to be able to share the deal details with me. Is this normal? I found very little information on other post on the legitimacy on these kind of documents.
Another of my concerns is that it doesn't spell out a time-frame or specific properties for which this is valid. Although surely this can't be an agreement that is good forever. Right?
Here is what the document says:
NON-CIRCUMVENTION NON-DISCLOSURE AGREEMENT
Whereas, each signatory Party possesses certain information, not known by any other Party;
Whereas, the parties are initially desirous or conducting various business transactions; Whereas, the
parties wish to discuss and exchange certain items and information related to a business opportunity,
investment, or selling and buying of real estate properties, which the parties hereto consider highly
confidential and proprietary. The undersigned Parties agree, in consideration of the foregoing
promises to abide by the following terms and conditions:
1. Non-Circumvention: Each Party agrees not to directly or indirectly contact, deal
with transact, or otherwise be involved with any corporation, partnership, proprietorships,
trust, individuals, or other entities introduced by either Party without the specific written
permission of the introducing Party.
2. Each Party agrees not to directly or indirectly circumvent, avoid or bypass each other
regarding any renewals, corporation, partnerships, proprietorships, trusts, or other entities
introduced by either Party.
3. Non Disclosure: Each Party agrees not to disclose or otherwise reveal to any third
Party the identities, addresses, telephone numbers, facsimile numbers, Email addresses, telex
numbers, bank codes, account numbers, financial reference, or any other entities introduced
by either Party to the other without the specific written permission of the introducing Party.
4. Terms: This Agreement is valid for the following term: Five (5) years from the date
of signing of this agreement.
5. Parties bound: This Agreement shall be binding upon all undersigned Parties and
their heirs, successors, associates, affiliates and assigns. Each Party shall take reasonable
steps to ensure that their Employees, Agents Representatives, Officers, Independent
Contractors, Shareholders, Principals and other third Parties abide by the provisions of this
Agreement.
6. Notice: All notices, demands, consists, or requests given by the Parties shall be in
writing transmitted by telecopier or other means of facsimile transmission with return
confirmation requested, postage prepaid, to the other Party at the last facsimile number or
address the Party has designated by notice here in. Notice shall be considered to have been
given.
7. Language: The language in all the Agreement shall be in all cases constructed simply
according to its fair meaning and not strictly for or against of the Parties and it is agreed that
the English language is used.
8. Severability: Should any portion of this Agreement be declared invalid or
unenforceable, then such portion shall be deemed to be severable from this Agreement and
shall not affect the remainder hereof.
9. Integration: This Agreement constitutes the entire Non Circumvention Agreement
between the Parties and supersedes all prior discussion, negotiations and Agreements,
whether oral or written. The parties further intend that this Agreement constitutes the
complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may
be introduced in any judicial or arbitration proceeding involving this Agreement
10. Amendments: Any change or amendment to this Agreement, including oral
modification supported by new consideration, must be reduced to writing and signed by all
Parties before it will be effective.
11. Waiver: No waiver or default of any of this agreement by any party shall be implied
from any omission of such party to take action against the defaulting party. One or more
waivers of any covenant, terms or condition of this agreement by any party shall not be
considered to be waiver of render unnecessary consent or approval of said party of any
subsequent or similar acts or omission.
12. Arbitration: Any controversy or claim arising out of this agreement which is not
settled between the parties themselves, shall be settled by arbitration in accordance with the
international chamber of commerce (ICC) rules and arbitration is the nearest regional or ICC
non-circumvention and non-disclosure laws and binding for all undersigned parties and their
associates, affiliated, employees, agents holders, principals, heirs, successors, assigns and
other third parties.
13. Attorney's Fees: If any party files any action or brings any proceeding against other
arising from this agreement, or is made a party to any action or proceeding arising from this
agreement, the prevailing party shall be entitled to recover as an element of their cost to suit
and not as damages reasonable attorney's fees to be fixed by the court, arbitrator or
adjudicative authority. The prevailing party shall be the party entitled to recover their cost to
suit or arbitration, whether or not entitled to recover costs.
14. Relationship: The Parties hereto shall not be deemed to be Partners or Joint Ventures
and no Party shall be liable for any other Party's commitments or liabilities resulting from
execution of this Agreement. Force and effect of Document: The Parties hereto agree that a
signed telefax or other facsimile copy of this Agreement shall have the same force and effect
and as the original of this document.
15. Force and Effect of Documents: The Parties hereto agree that a signed telefax or
other facsimile copy of this Agreement shall have force and effect as the original of this
document.
16. CKA PropertyInvestments LLC receives a negotiable fee for all properties. This
fee is to be added to any and all asking prices and paid directly to us at closing. For each
property that goes to closing , we will issue a master fee agreement stating the exact amount
CKA Property Investments LLC is to receive at time of closing.
IN WITNESS WHEREOF, the Parties hereto execute this Agreement by their authorized document.
ENTITY/ PERSON:
Signature: .......................................
Date: . .3/11/15............................................
ENTITY/ PERSON:
Signature ........................................................................................
Date : . .....3/11/15.....................................................
ENTITY/ PERSON :
Signature ....................................................................................................
Date : ...........................................................
