A Louisiana non-disclosure agreement is a contract for safeguarding invaluable trade secrets and confidential information of individuals and businesses. This document is rooted in Louisiana’s recognition of the Uniform Trade Secrets Act, and it outlines the stipulations under which the disclosing party entrusts sensitive information to the receiving party.
When the receiving party signs the NDA, they promise to maintain the information’s secrecy and withhold from sharing it with any outside party or individual.
A non-disclosure agreement can be mutual or unilateral. A mutual agreement has both parties maintain the secrecy of the shared information, while the unilateral one has the receiving party maintain the confidentiality of the disclosing party’s data.
Trade Secret Laws
UTSA Version Adopted: 1979
Misappropriation (§ 1433): A complainant may recover damages for the actual loss resulting from misappropriation in addition to or in lieu of injunctive relief. They may also recover for the unjust enrichment resulting from misappropriation that’s not accounted for in computing damages for the actual loss.
Statute of Limitation (§ 1436): Once a plaintiff has discovered a misappropriation, they have three years to sue the defendant. After this period, they can no longer bring legal action against the defendant.
Trade Secret Definition (§ 1431(4)):
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:
(a) 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
(b) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
