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In M&A transactions, sharing confidential and proprietary information, such as financial details and contracts, between buyers and sellers is crucial. A common method to protect this information is through a non-disclosure agreement (NDA), also known as a confidentiality agreement (CA). This legally binding contract is created by the seller's legal counsel and provided to prospective buyers, ensuring that receiving detailed information is contingent upon signing the CA. A typical confidentiality agreement includes provisions that outline the use of information, specifying that all data shared by the seller, whether oral or written, is considered confidential.