Common use of Obligations and Restrictions Clause in Contracts

Obligations and Restrictions. IIT and the Company will retain in confidence, for a period of ( ) years following the Termination Date (as defined in Section 5 below), all Confidential Information disclosed to it by the other party, and will not, without the prior written consent thereof, use the Confidential Information supplied hereunder for any purpose other than the Stated Purpose. [THE INSERTED TIME PERIOD SHOULD BE AS SHORT AS POSSIBLE, WITH 2 OR 3 YEARS BEING THE IDEAL AND 5 YEARS BEING THE MAXIMUM. ANY PERIOD BEYOND 5 YEARS REQUIRES PRIOR REVIEW OF THE GENERAL COUNSEL’S OFFICE.] The obligation to keep the Confidential Information in confidence, however, will not apply to any Confidential Information to the extent that the same is required by law, regulation, rule, act or order of any governmental authority or agency to be disclosed; provided, Form NDA IIT’s Office of General Counsel however, that the party required to so disclose shall give the other party sufficient notice, given the circumstances, to permit the other party, at its sole expense, to seek a protective order or other similar order with respect to such Confidential Information. In addition, each party agrees not to disclose to any third party that it is in discussion with the other in connection with the Stated Purpose or its interest, or lack of interest, in the other party’s Confidential Information disclosed hereunder.

Obligations and Restrictions. IIT and the Company will retain in confidence, for a period of ( ) years following the Termination Date (as defined in Section 5 below), all Confidential Information disclosed to it by the other party, and will not, without the prior written consent thereof, use the Confidential Information supplied hereunder for any purpose other than the Stated Purpose. [THE INSERTED TIME PERIOD SHOULD BE AS SHORT AS POSSIBLE, WITH 2 OR 3 YEARS BEING THE IDEAL AND 5 FIVE (5) YEARS BEING THE MAXIMUM. ANY PERIOD BEYOND 5 FIVE (5) YEARS REQUIRES PRIOR REVIEW OF THE GENERAL COUNSEL’S OFFICE.] The obligation to keep the Confidential Information in confidence, however, will not apply to any Confidential Information to the extent that the same is required by law, regulation, rule, act or order of any governmental authority or agency to be disclosed; provided, Form NDA IIT’s Office of General Counsel however, that the party required to so disclose shall give the other party sufficient notice, given the circumstances, to permit the other party, at its sole expense, to seek a protective order or other similar order with respect to such Confidential Information. In addition, each party agrees not to disclose to any third party that it is in discussion with the other in connection with the Stated Purpose or its interest, or lack of interest, in the other party’s Confidential Information disclosed hereunder.