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In M&A transactions, sharing confidential and proprietary information, such as financial data and contracts, between buyers and sellers is essential. A common method to protect this information is by using a non-disclosure agreement (NDA), also known as a confidentiality agreement (CA). This legally binding contract is established between the seller and each potential buyer, outlining the terms for sharing confidential company information. Typically drafted by the seller's legal counsel, the CA is provided to prospective buyers along with a teaser, indicating that access to detailed information is contingent upon signing the agreement. Key provisions of a confidentiality agreement govern the use of the information disclosed, which includes both oral and written content from the seller.