Wyoming Agreement Not to Disclose Trade Secrets

State:
Multi-State
Control #:
US-541EM
Format:
Word
Instant download

Description

This form constitutes an agreement between an employee and employer regarding information or ideas valuable to the employer's business. Any such information or ideas is treated as confidential and should not be disclosed to competitors or freely made available to other third parties.

How to fill out Agreement Not To Disclose Trade Secrets?

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FAQ

In the United States, trade secrets are not protected by law in the same manner as patents or trademarks.

Trade Secrets Act This statute, enacted in 1948, is actually of narrow applicability. It forbids federal government employees and government contractors from making an unauthorized disclosure of confidential government information, including trade secrets.

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.

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 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.

Every state has a law prohibiting theft or disclosure of trade secrets. Most of these laws are derived from the Uniform Trade Secrets Act (UTSA), a model law drafted by legal scholars.

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.

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.

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Wyoming Agreement Not to Disclose Trade Secrets