A Florida non-disclosure agreement is a legally binding contract meticulously 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.
Given Florida’s diverse business sectors, this detailed protection of various data types is of utmost importance. The non-disclosure agreement places strict limitations on sharing, using, or disclosing such data to third parties, reinforcing the sanctity of confidential information.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 688.002(2)): The improper acquisition, use, or disclosure of trade secrets or confidential information. This can include unauthorized access, disclosure to third parties, or the unauthorized use of confidential information. The party at fault is liable to pay damages (§ 688.004) or attorney fees (§ 688.005).
Statute of Limitation (§ 688.007): Legal action must be taken within three years after the misappropriation is discovered.
Trade Secret Definition (§ 688.002(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.