An Arkansas non-disclosure agreement 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, encouraging a climate of trust while preserving the confidentiality of vital information. They allow you to control who can access and share your confidential information.
Parties entering a non-disclosure agreement acknowledge their shared responsibility to protect confidential data, making it possible to collaborate openly while keeping valuable assets secure.
Trade Secret Laws
§ 4-75-601 to § 4-75-607 (Theft of Trade Secrets)
UTSA Version Adopted: 1979
Misappropriation (§ 4-75-601(2)): The acquisition, disclosure, or use of a trade secret by someone who knows or has reason to know that their actions constitute a breach of a duty of confidentiality or who utilized improper means to acquire it. A complainant can recover attorney’s fees (§ 4-75-607) and the value of the damages caused by the violation (§ 4-75-606).
Statute of Limitation (§ 4-75-603): A plaintiff in Arkansas must bring an action to court within three years after the misappropriation is discovered.
Trade Secret Definition (§ 4-75-601(4)):
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:
- 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
- Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
