Legal jargon

Discussion in 'Business Accounting, Tax & Legal' started by Simon Hampel, 4th Aug, 2017.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    Can anyone help me interpret the meaning of the following text in a Non-disclosure Agreement? The key part I'm unsure about is highlighted:

    Therefore, in consideration of the mutual promises and covenants contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
     
  2. Terry_w

    Terry_w Well-Known Member Business Member

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    Consideration is a payment or reward for doing something and is needed for a contract to be valid. This clause is just emphasising that adequate consideration has been given.