A Maine Non-Disclosure Agreement (NDA) is a legal document that outlines the terms of a business relationship between two parties to safeguard confidential information. The recipient of the information signs the NDA to confirm their commitment not to disclose any protected information, while the disclosing party signs to clarify their expectations.
Maine NDA Laws Overview
- Governing Laws: Title 10, Chapter 302
- Statute of Limitation: A plaintiff must file a misappropriation lawsuit within four years of discovery (§ 1547).
- Definition of Trade Secret (§ 1542(4)):
Trade secret. “Trade secret” means information, including, but not limited to, 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.
Are NDAs Enforceable in Maine?
Yes, NDAs are enforceable in Maine. If a breach occurs, the disclosing party may recover damages for actual loss and unjust enrichment. In cases of willful and malicious misappropriation, a court may award up to twice the amount of damages.
