A Maine non-disclosure agreement is a legal document that outlines the terms of a business relationship between two parties to protect private information. The recipient of the information signs the document to confirm they won’t disclose any protected information, and the disclosing party signs the document to confirm their expectations.
A company can use this agreement when hiring new employees to protect trade secrets from competitors, but it also uses it for relationships with investors, suppliers, and vendors. This document contains the types of information the agreement covers, the relationship between the parties, and the consequences of breaking the agreement.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 1544): A complainant is entitled to recover damages for misappropriation, including the true loss that the misappropriation causes and any unjust enrichment. If there’s willful and malicious misappropriation, a court may award twice the amount of the deemed award.
Statute of Limitation (§ 1547): A plaintiff must bring an action for misappropriation against a defendant within four years of discovering it.
Trade Secret Definition (§ 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.