GT Advanced Technologies' contract with Apple included a $50 million penalty for leaking future product info
Recent court filings from GT Advanced Technologies (GTAT) have helped shed a bit of light on the confidential agreements Apple typically enters into with suppliers. Originally spotted by the Financial Times, Apple's contract with GTAT included a US$50 million penalty for any leak regarding future Apple products.
Details of Apple's non-disclosure agreements, which suppliers are not even allowed to acknowledge, have already emerged in court filings by GT Advanced Technologies, including the $50m penalty the iPhone maker imposes for any leak of product information.
While Apple, of course, engages in non-disclosure agreements with all of its suppliers, this is the first time we've seen specific details regarding a penalty clause involving an Apple supplier.
Meanwhile, GTAT is hoping to have the contracts it entered into with Apple declared null and void. In a court filing made last week, GTAT articulated that adhering to its contract agreements with Apple "is no longer a viable business option." What's more, GTAT went so far as to call the contract terms it signed with Apple "oppressive and burdensome."
