A Nevada non-disclosure agreement is a legal document that protects sensitive business information and trade secrets. Companies may implement this agreement when onboarding new employees, participating in a merger/acquisition, developing prototypes, and discussing with investors.
Nevada abides by its version of the Uniform Trade Secrets Act to ensure businesses have a legal framework for protecting their trade secrets. When companies make NDAs, they can protect against unfair competition and financial losses that may incur from the improper disclosure of information.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 600A.050): A complainant has the right to compensation for misappropriation, including the actual loss that occurs and any unjust enrichment. If willful, wanton, or reckless misappropriation or disregard of the trade secret owner’s rights occurs, the court may award exemplary damages for as much as twice the award amount.
Statute of Limitation (§ 600A.080): Once the plaintiff becomes aware of the misappropriation of their proprietary information, they have three years to sue the defendant.
Trade Secret Definition (§ 600A.030(5)):
“Trade secret” means information, including, without limitation, a formula, pattern, compilation, program, device, method, technique, product, system, process, design, prototype, procedure, computer programming instruction or code that:
(1) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by the public or any other persons who can obtain commercial or economic value from its disclosure or use; and
(2) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
