An Indiana Non-Disclosure Agreement (NDA) is a legally binding document that defines and protects confidential information shared between parties in a business relationship. It ensures that the receiving party is obligated to maintain the confidentiality of sensitive data, including business strategies, financial data, customer lists, product designs, and intellectual property.
Indiana NDA Laws Overview
- Governing Laws: Indiana Trade Secrets Act (Title 24, Article 2, Chapter 3 (Trade Secrets))
- Statute of Limitation: A lawsuit must be filed within three years of discovering the misappropriation (§ 24-2-3-7).
- Definition of Trade Secret (§ 24-2-3-2):
“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.
Are NDAs Enforceable in Indiana?
Yes, NDAs are enforceable in Indiana. They are commonly used to protect trade secrets and other confidential business information. Under the Indiana Trade Secrets Act, misappropriation, which includes unauthorized disclosure or use of confidential information, can lead to legal penalties, including damages and attorney’s fees.
