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In M&A transactions, confidential and proprietary information such as financial details and contracts must often be shared between buyers and sellers. To protect this information, a non-disclosure agreement (NDA), also known as a confidentiality agreement (CA), is utilized. This legally binding contract governs the sharing of confidential information between the seller and prospective buyers. Typically drafted by the seller's legal counsel, the CA is distributed alongside a teaser, with the understanding that receiving detailed information requires signing the agreement. A standard confidentiality agreement includes provisions that govern the use of the information, indicating that all information shared by the seller, whether oral or written, is considered confidential.