Common use of Propriety Information Clause in Contracts

Propriety Information. As used herein, the term “Proprietary information” includes any information of a confidential or proprietary nature obtained from Seller and any information obtained from Seller which is not readily available to Seller’s competitors and which, if known by a competitor of Seller, might lessen any competitive advantage of Seller or give such competitor a competitive advantage. Seller retains ownership of all Proprietary information and all documentation which contains Proprietary information. Buyer shall not disclose, duplicate or reproduce any Proprietary information nor shall Buyer use any Proprietary information other than in course of performing its obligations hereunder. Buyer shall take all reasonable steps to prevent the disclosure, duplication or reproduction of any Proprietary information. Notwithstanding the foregoing, Buyer shall not be required to refrain from disclosing or using any Proprietary information which has become known to Buyer if the original source of such Proprietary information was not Seller or any person or party affiliated with Seller or having relationship of confidentiality of Seller.