A Maryland non-disclosure agreement is a legal document that prevents individuals or companies from sharing confidential information with third parties. Companies usually have new employees sign this agreement, as candidates may receive sensitive information to perform their jobs properly.
Companies may also have other parties sign this agreement for different purposes.
The disclosing party and the information recipients sign this agreement and are held accountable if they breach the document’s terms and conditions. The document remains valid for the time specified in the agreement or until the information the agreement covers is no longer considered a trade secret.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 11-1203): A complainant is allowed to recover damages for misappropriation, which can include the disclosure or acquisition of a trade secret by improper means. Some damages they may receive include the actual loss caused by misappropriation and the unjust enrichment that results from misappropriation.
Statute of Limitation (§ 11-1206): A plaintiff has three years to bring an action for misappropriation against a defendant.
Trade Secret Definition (§ 11-1201(e)):
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:
(1) 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
(2) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.