An Illinois non-disclosure agreement is an essential legal document for businesses and individuals, crafted to secure information and your enterprise’s future.
Breaching an NDA in Illinois can have significant legal ramifications. The consequences may include legal action, monetary damages, and potential attorney fees. Illinois’ legal framework provides unwavering support for enforcing the terms in the agreement, protecting the significance of confidential information.
Trade Secret Laws
UTSA Version Adopted: 1979
Misappropriation (765 ILCS 1065/2(b)): It can involve unauthorized access, disclosure to third parties, or use of confidential data. A complainant may recover damages for the loss resulting from misappropriation (765 ILCS 1065/4) or attorney’s fees if the misappropriation was made in bad faith or willfully and maliciously (765 ILCS 1065/5).
Statute of Limitation (765 ILCS 1065/7): The plaintiff has five years after the misappropriation is discovered to file a lawsuit against the defendant.
Trade Secret Definition (765 ILCS 1065/2(d)):
“Trade secret” means information, including but not limited to, technical or non-technical data, a formula, pattern, compilation, program, device, method, technique, drawing, process, financial data, or list of actual or potential customers or suppliers, that:
- Is sufficiently secret to derive economic value, actual or potential, from not being generally known to 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 or confidentiality.