Non-disclosure agreement (NDA) for the sale of a business
Version 1.1.0 · updated 22 October 2026 · 15 sections
A non-disclosure agreement (NDA; in Danish “fortrolighedserklæring”) is normally the first document signed in the sale of a business. It ensures that an interested buyer uses the information he receives about the business only to evaluate the deal, and that the information does not end up with competitors, customers or employees.
The template is written for Danish business sales and can be used both as a one-way agreement (only the buyer receives information) and as a mutual agreement (both parties exchange information, e.g. when the buyer must also disclose his financing or his own business). It contains the provisions that matter most in practice: a broad definition of confidential information, a ban on contacting customers, suppliers and employees, a ban on soliciting employees, rules on return and deletion, and an optional contractual penalty, so the seller does not have to document an exact loss.
The Danish Trade Secrets Act (forretningshemmelighedsloven) only protects information that the business has taken reasonable steps to keep secret. A signed non-disclosure agreement is exactly such a step, and it should therefore always be in place before the first confidential information is sent.
Use the template when …
- Before you, as the seller, send accounts, budgets, customer lists or other sensitive information to an interested buyer.
- Before a buyer is given access to a data room or to the business’s systems.
- When both parties need to exchange information, e.g. in a merger, combination or seller financing where the seller needs to assess the buyer.
- When an adviser, investor or source of financing is to be brought into a negotiation.
- When you want to protect employees and customers from being contacted or solicited during the negotiations.
Good advice
- Get the agreement signed before you share anything confidential — an agreement signed afterwards offers poor protection for what has already been sent.
- Share information in stages: an anonymised profile first, then key figures, and only customer and employee information once the buyer has shown serious interest (e.g. after a letter of intent).
- Mark documents and files as “Confidential”, and keep a log of who has received what. This makes it easier to prove a breach.
- Consider a contractual penalty if the buyer is a competitor. Without a penalty you must document your loss, which is often difficult.
- Never share personal data about customers or employees until it is strictly necessary — use aggregated or anonymised data in the early stages.
- If the buyer is a foreign company or a large group, a lawyer should review the agreement, especially the choice of law and venue.
Use the template in Sitavo
Log in to fill in the template, edit the text and download it as PDF and Word. Requires an active listing or an ongoing deal.
The template
[Fields] are filled in by you
The template is in Danish. The agreement text is written in Danish under Danish law and is shown and downloaded in Danish. The introduction, advice and form on this page are in English.
1. Parter
Denne fortrolighedserklæring («Erklæringen») er indgået mellem:
- [Sælgers navn], CVR-nr./fødselsdato [Sælgers CVR-nr. eller fødselsdato], [Sælgers adresse] (herefter «Sælger»), og
- [Købers navn], CVR-nr./fødselsdato [Købers CVR-nr. eller fødselsdato], [Købers adresse] (herefter «Køber»),
Sælger og Køber benævnes samlet «Parterne» og hver for sig «Part».
Erklæringens art:
- Ensidig — kun Sælger afgiver fortrolige oplysninger, og kun Køber påtager sig forpligtelserne i Erklæringen.
- Gensidig — begge Parter kan afgive og modtage fortrolige oplysninger, og forpligtelserne gælder for begge Parter som modtager.
I Erklæringen betegner «Afgiver» den Part, der giver fortrolige oplysninger, og «Modtager» den Part, der modtager dem. Er Erklæringen ensidig, er Sælger altid Afgiver og Køber altid Modtager.
2. Baggrund og formål
Parterne drøfter en mulig overdragelse af hele eller dele af [Virksomheden, der overvejes solgt] eller af aktiver i virksomheden («Virksomheden»), herunder ved salg af aktiver, anparter eller aktier («Transaktionen»).
Fortrolige oplysninger må alene bruges til at vurdere, forhandle og eventuelt gennemføre Transaktionen («Formålet»). Erklæringen forpligter ingen af Parterne til at indlede eller fortsætte forhandlinger eller til at gennemføre Transaktionen.
3. Fortrolige oplysninger
Ved «Fortrolige Oplysninger» forstås alle oplysninger om Afgiver og Virksomheden, som Modtager eller dennes Repræsentanter (se afsnit 5) modtager eller får kendskab til i forbindelse med Formålet — uanset om de gives skriftligt, mundtligt, elektronisk, ved fremvisning eller ved besøg, og uanset om de er mærket som fortrolige. Det omfatter blandt andet:
- regnskaber, budgetter, nøgletal, prisstrukturer, avancer og bankforhold
- kunde-, leverandør- og samarbejdspartnerlister, aftaler og vilkår
- oplysninger om medarbejdere, lønforhold og organisation
- knowhow, processer, opskrifter, tegninger, kildekode, systemer og adgangsoplysninger
- forretningsplaner, strategier, markedsanalyser og udviklingsprojekter
- forretningshemmeligheder i forretningshemmelighedslovens forstand
- analyser, notater, sammenstillinger og andet materiale, som Modtager eller dennes Repræsentanter udarbejder på grundlag af oplysningerne
Også det forhold, at Parterne forhandler om Transaktionen, at Virksomheden overvejes solgt, samt forhandlingernes indhold og vilkår er Fortrolige Oplysninger.
The rest of the template (12 sections) is locked
Log in to read and use the whole template. It requires an active listing or an ongoing deal.
Not legal advice. The template is a general starting point and not legal, tax or financial advice. It does not take account of the specific circumstances of your particular deal. Always adapt the document, and have a lawyer and an accountant review it before it is signed. Sitavo is not a party to the agreement and accepts no liability for the use of the template.
When do you need a non-disclosure agreement?
A non-disclosure agreement (NDA; in Danish «fortrolighedserklæring») should be signed before the buyer receives anything that could harm the business if it leaked: detailed accounts, customer lists, prices, supplier contracts, the names of key staff or access to systems. The short, anonymous description in the listing needs no NDA. The sales presentation and the data room do.
Use the template as a one-way agreement when only the buyer receives information, which is the normal case in a sale. Use the mutual version when the seller also needs confidential information from the buyer, for example about financing when part of the price is paid over time, or when two businesses are considering a merger.
An NDA is not the place to agree price, exclusivity or a timetable. Those belong in the letter of intent (LOI), which usually follows once the buyer has read the sales presentation.
What the template contains
- Parties and purpose: who discloses and who receives, and that the information may only be used to evaluate a possible transaction.
- Confidential information and exceptions: a broad definition (written, oral and digital) and the standard exceptions for information that is already public or already known to the recipient.
- Recipient’s obligations: who in the buyer’s circle may see the material (advisers, bank) and that the buyer is liable for them.
- No contact and non-solicitation: the buyer may not approach customers, suppliers or staff without agreement and may not hire the business’s employees for a period.
- Personal data (GDPR): how customer and employee data is handled, if it is shared at all.
- Return and deletion: what happens to the material if the deal falls through.
- Breach and contractual penalty (optional): an agreed sum payable on breach, so the seller does not have to prove an exact loss.
- Duration, governing law and venue: how long the obligation lasts, and that Danish law and the Danish courts apply.
Points to watch
The Danish Trade Secrets Act (forretningshemmelighedsloven) only protects information that the business has taken reasonable steps to keep secret. A signed NDA before anything is sent is one of the clearest such steps, so do not email «just a few figures» first.
- Contractual penalty: a sum that is too high can be reduced by a Danish court under the Contracts Act (aftaleloven), and an unrealistic figure can put serious buyers off. Keep it proportionate to the size of the business.
- Duration: two to three years is common for information about a smaller business. Genuine trade secrets such as recipes, source code or production methods may need longer protection.
- Non-solicitation: the restriction should be limited in time and scope. Talk to a lawyer if it needs to be long or broad.
- Disclose in stages: share key figures and an anonymised customer breakdown first. Customer and staff names, contracts and source code can wait until the buyer has shown he is serious, typically after a letter of intent.
- GDPR: as a rule, do not share personal data about customers or employees at the sales stage. If the buyer needs it for due diligence, anonymise or pseudonymise it, and get a data protection adviser or lawyer to look at it if large volumes or sensitive data are involved.
- Electronic signatures are generally as valid as signatures on paper in Denmark. Keep the signed version together with a record of what was sent and when.
Online and physical businesses
For an online shop, SaaS product or app, the sensitive information is often access: Google Analytics, the payment provider, ad accounts and the code base. Grant read-only access rather than sharing passwords, and revoke it if the buyer walks away. The domain name itself can be confidential because it reveals the business.
For a shop, restaurant or trade business, the biggest risk is often that the news reaches staff, the landlord and regular customers. Agree that the buyer visits only as an ordinary customer and does not speak to staff until you have agreed it. The chapter on physical businesses covers this in more detail.
How to use the template on Sitavo
The NDA is one of two templates open to anyone with a verified account, because it is needed before there is a bid or a deal. You fill it in with the editor in your account, can edit the wording directly and download it in Word or PDF. The agreement text itself is in Danish, as the deal is governed by Danish law. On the listing, the seller can also require buyers to accept an NDA before the exact figures and the data room become visible; see NDA requests and visibility and NDA.
The next steps are usually the sales presentation and then the letter of intent. The seller’s guide chapter on confidentiality and NDAs explains what to share at each stage.
Frequently asked questions
Yes. A signed NDA is an ordinary contract and binding under Danish contract law. On breach, the seller can claim damages for the loss or, if the agreement includes a contractual penalty, the agreed sum. An unreasonably high penalty may, however, be reduced.
Before the buyer receives information that could identify or harm the business, typically before the sales presentation, detailed accounts and the data room. The anonymous listing and headline figures can normally be shared without one.
For a smaller business, two to three years is common. Genuine trade secrets such as source code, recipes or production methods may need longer. The template lets you choose the period.
It is optional. A penalty makes the agreement easier to enforce because you do not have to prove an exact loss. Choose a sum proportionate to the business, so it deters and also holds up if it is tested.
As a rule, wait until due diligence and anonymise them where possible. Customer lists often contain personal data covered by the GDPR, even if the buyer has signed an NDA.
Anyone with a verified account can fill in and download the NDA, even without a listing or a deal. The other templates require an active listing or an ongoing deal.