The dealmaking world runs on confidentiality. Whether you are executing a billion-dollar acquisition, negotiating a commercial lease for a flagship property, or structuring a joint venture, the non-disclosure agreement (NDA) sits at the foundation of nearly every transaction. It is the first document signed and the last one anyone revisits – until something goes wrong. Today, a vulnerability is emerging that most NDAs do not adequately cover, and that dealmakers have not fully considered.
