An Arkansas Non-Disclosure Agreement (NDA) is a legally binding document between parties to protect sensitive information, encompassing a wide range of data, including customer lists, business strategies, financial information, and product designs. NDAs are integral to business dealings, allowing you to control who can access and share your confidential information.
Arkansas NDA Laws Overview
- Governing Laws: Theft of Trade Secrets (Ark. Code §§ 4-75-601 — 4-75-607).
- Statute of Limitation: A plaintiff in Arkansas must bring an action to court within three years after the misappropriation is discovered (Ark. Code § 4-75-603).
- Definition of Trade Secret (Ark. Code § 4-75-601):
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, 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 Arkansas?
Yes, NDAs are enforceable in Arkansas. Should a breach occur, a complainant can recover attorney’s fees [1] and the value of the damages caused by the violation. [2]
