Common use of Purpose and Effective Date Clause in Contracts

Purpose and Effective Date. The Parties agree to enter into a confidential relationship with respect to the disclosure of Proprietary Information. The Receiving Party understands that the Disclosing Party has disclosed or may disclose Proprietary Information of the Disclosing Party. This Agreement expresses the complete understanding of the parties with respect to the subject matter, shall take effect upon the date of signature by the Parties, and supersedes all prior proposals, agreements, representations, and understandings pertaining to Non-Disclosure of Proprietary Information between the Parties.