An Alaska Non-Disclosure Agreement (NDA) is a legal contract used to protect confidential information or trade secrets between two or more parties. NDAs are commonly used in business relationships, employment settings, or transactions where sensitive information is shared.
The agreement outlines the scope of confidentiality, what constitutes confidential information, and the duration for which the information must remain private. It aims to prevent the unauthorized sharing or use of proprietary information.
Alaska NDA Laws Overview
- Governing Laws: Alaska Uniform Trade Secrets Act (AS 45.50.910 – 45.50.945).
- Statute of Limitation: Trade secret misappropriation claims can be made within three years of their discovery (AS 45.50.925).
- Definition of Trade Secret (AS 45.50.940(3)):
“Trade secret” means information that
(A) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and
(B) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
Are NDAs Enforceable in Alaska?
Yes, NDAs are enforceable in Alaska as long as they meet certain legal standards. For an NDA to be valid, it must be reasonable in scope, duration, and geographic limitations, and it should protect legitimate business interests such as trade secrets, intellectual property, or confidential business practices.
Under state law, parties harmed by the misappropriation of trade secrets can recover damages for actual loss or unjust enrichment resulting from the violation. Additionally, if the misappropriation is found to be willful and malicious, the court may award exemplary damages up to twice the amount of actual damages. [1]
