An Iowa non-disclosure agreement is a document that allows one party to prevent another party from leaking its sensitive information to other individuals or companies. A business that shares confidential data with investors, clients, vendors, and employees may ask the relevant parties to enter into this agreement.
This document can create a mutual agreement if both parties are exchanging trade secrets. It can also create a unilateral agreement if only one party is revealing information they don’t want unauthorized entities to have.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 550.4): An owner of a trade secret can recover damages for misappropriation. These damages can include the actual loss from the misappropriation or any resulting unjust enrichment. The court may award up to twice the amount of an award in malicious cases.
Statute of Limitation (§ 550.8): After the plaintiff discovers misappropriation, they have three years to sue the defendant.
Trade Secret Definition (§ 550.2(4)):
“Trade secret” means information, including but not limited to a formula, pattern, compilation, program, device, method, technique, or process that is both of the following:
a. Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by a person able to obtain economic value from its disclosure or use.
b. Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.