An Indiana non-disclosure agreement is a legally binding document that defines and protects confidential information shared between parties in a business relationship. It ensures that everyone involved is committed to preserving the confidentiality of specific data. This can range from innovative business strategies and financial data to customer lists, product designs, and intellectual property.
The agreement outlines the receiving party’s obligations, such as non-disclosure, non-use, and the requirement to take reasonable steps to protect the information. It may also specify any exemptions, such as information that is already public knowledge. The recipient of the confidential information is legally bound to maintain its secrecy and use it only for the purposes specified in the agreement.
Trade Secret Laws
UTSA Version Adopted: 1979
Misappropriation (§ 24-2-3-2): The wrongful acquisition, disclosure, or use of another party’s confidential information. The party disclosing the trade secrets may be liable to pay for damages (§ 24-2-3-4) or reasonable attorney’s fees (§ 24-2-3-5).
Statute of Limitation (§ 24-2-3-7): A plaintiff has three years from when they discover the misappropriation to sue the defendant.
Trade Secret Definition (§ 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.