A Florida Non-Disclosure Agreement (NDA) is a legally binding contract crafted to protect sensitive information, trade secrets, and proprietary data. It establishes a legal agreement that all parties involved in a business relationship are committed to preserving the confidentiality of specified data. The NDA places strict limitations on sharing, using, or disclosing such data to third parties, reinforcing the importance of confidential information.
Florida NDA Laws Overview
- Governing Laws: Uniform Trade Secrets Act (Chapter 688).
- Statute of Limitation: Legal action must be taken within three years after the misappropriation is discovered (Fla. Stat. § 688.007).
- Definition of Trade Secret (Fla. Stat. § 688.002(4)):
“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 Florida?
Yes, NDAs are enforceable in Florida, provided they comply with legal requirements. Florida law allows NDAs that protect legitimate business interests, such as trade secrets, confidential information, and intellectual property. If a breach occurs, the party at fault is liable to pay damages or attorney fees. [1] [2]
