ITIC has advised shipbrokers, consultants and other advisers not to sign confidentiality agreements which restrict their ability to do business.

Noting that it is increasingly being asked to comment on confidentiality (or so-called non-disclosure) agreements, ITIC says, “The use of such agreements has always been common when parties are considering doing business but need to provide information to the other party before they enter into a formal contract.

In these circumstances, the party providing the information will protect its interests by insisting that the receiving party signs a stand-alone confidentiality agreement. Historically, this has been associated with transactions such as the sale of corporations but, more and more, ITIC is seeing it in a wide range of circumstances involving its members.

Tags: International Transport Intermediaries Club (ITIC)