This form is a Trade Secret Acknowledgment and Termination Agreement signed by an exiting employee to note what particular confidential, proprietary, or other sensitive trade secret information he may have had access to or acquired knowledge of. The agreement also acknowledges that the employee understands his ongoing obligations in regards to this protected information.
New York Trade Secret Acknowledgment and Termination Agreement
State:
Multi-State
Control #:
US-TS9046B
Format:
Word;
PDF;
Rich Text
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How to fill out Trade Secret Acknowledgment And Termination Agreement?
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FAQ
New York courts have held that, where customers are not known in the trade or are discoverable only by extraordinary efforts, customer lists may be protected as trade secrets.
New York State does not have any statutes covering trade secrets and is one of only two states that have not adopted the Uniform Trade Secrets Act. Instead, all trade secret protection in New York comes from the common law.
What qualifies as a trade secret? commercially valuable because it is secret, be known only to a limited group of persons, and. be subject to reasonable steps taken by the rightful holder of the information to keep it secret, including the use of confidentiality agreements for business partners and employees.
Under New York law, misappropriation consists of use or disclosure of a trade secret that was acquired through a relationship of trust (such as employment), or through fraud or other improper means, such as theft, bribery, or hacking.
But, if an employee has an employment contract specifying a right to vacation days, the employer must pay the value of the unused vacation days as wages at the end of the employee's employment under N.Y. Labor Law § 191(3).
Trade secrets are governed by both state and federal law. Since New York doesn't have any trade secret statutes and doesn't recognize the Uniform Trade Secrets Act (UTSA), the trade secret protection stems entirely from common law. This does feature many of the same safeguards as the UTSA.
The DTSA gives an owner a range of remedies in misappropriation cases, including monetary damages and other relief. Owners can obtain monetary damages to compensate them for the economic harm they suffered. This includes the recovery of direct losses and any profits the defendant made from the trade secret.
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.
