Backdating contract legal

28-Dec-2019 16:45

If the parties to an agreement governed by Cayman Islands law would like the agreement to take effect from a date earlier than the date upon which the agreement was signed and entered into, the parties should expressly state in the document that it is intended to be effective from a date earlier than the date on which the parties entered into the agreement.

It should be made clear in the document that notwithstanding it being entered into on the date of execution by the parties, it is to take effect from a date in the past.

Some of the issues that arise when back-dating a NDA are: to the extent that it doesn't involve criminality but may render the agreement unenforceable.

It would clearly be fine if the document simply formalised a NDA that the parties agree had been in force as a verbal agreement all along.

The contract is binding when both parties have accepted the contract.It seems to me that it might be legal (assuming that I as the employee were willing to sign it) because as an employee I'd assume that some NDA was in place even if haven't signed one (so it's as if the agreement or meeting of minds was in place even before it was documented).On the other hand it also appears to be creating a false document, so, I don't know.The best practice is to make it clear that the effective date and the execution date are different.

backdating contract legal-50

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This avoids confusion and ambiguity that could call the enforceability of the contract into question.

This could run the risk of civil and/or criminal sanctions in a number of jurisdictions (for example, depending on, among other things, the nature and subject matter of the contract or agreement, false accounting or false statements by directors, or even conspiracy to defraud).