Louisiana Agreement Not to Disclose Trade Secrets
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How to fill out Agreement Not To Disclose Trade Secrets?
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FAQ
If your company wants to protect its trade secrets, it is essential to properly document them in either paper or electronic form. This process is important because it can provide evidence that your business viewed and treated the information as secrets.
A trade secret is a particular type of commercially valuable confidential information that gives the owner a competitive advantage.
This is a relatively simple legal agreement between a company and a counter-party of that company to exchange information, for the purpose of a project, marketing campaign, R&D or sourcing, etc.
Since trade secrets are not made public, unlike patents, they do not provide defensive protection, as being prior art.
Contrary to patents, trade secrets are protected without registration, that is, trade secrets require no procedural formalities for their protection. A trade secret can be protected for an unlimited period of time, unless it is discovered or legally acquired by others and disclosed to the public.
Trade secret protection lasts for as long as the secret is kept confidential without any statutory limitations period. However, once a trade secret is made available to the public, trade secret protection ends.
Nonetheless, an NDA may provide broader protection than trade secret laws because it can cover proprietary and non-public information that does not meet the definition of a trade secret. "Trade secrets are defined by statute, but terms such as confidential and proprietary information are defined by the contract.
Trade secrets may be disclosed during meetings between parties. Ideally, such disclosures are made under a confidential disclosure or nondisclosure agreement, and should always reveal only as much trade secret information as is required under the circumstances.
The NDA ensures your secrets remain secret, and if they do not you have legal recourse against the person or entity that disclosed them. When an NDA is violated, you can ask the court to enjoin the party responsible from infringing or misappropriating your trade secrets, and you can sue for any resulting damages.
A trade secret can also be revealed legally, and you have no recourse in this case, even if it was not your intention to reveal it. Illegal disclosure may be made by people who: Used illegal means, such as theft or bribery, to obtain the information.
