An Oklahoma Non-Disclosure Agreement (NDA) is a vital tool for safeguarding confidential information. It ensures that sensitive data, including client lists and proprietary business strategies, remains secure when shared with involved parties. NDAs can take the form of “unilateral” or “mutual” agreements, with the former obligating a single party to confidentiality while the latter binds both parties.
This legally binding contract warrants serious consideration, as any breach may lead to substantial legal consequences and financial liabilities. It distinctly defines confidential information or trade secrets, holding signatories fully accountable for any breaches, including potential revenue loss and advantages gained by competitors. The agreement’s validity continues until the information no longer qualifies as confidential or upon written notice from the owner.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 21-1732(A), § 21-1704, § 21-1705, and § 21-1706): Stealing a trade secret for personal or third-party use is considered larceny. The punishment for this crime depends on the value of the trade secret. The offender may face a fine of up to $5,000 and imprisonment for up to one year.
Statute of Limitation (§ 91): After an NDA violation, a misappropriation claim must be filed within three years.
Trade Secret Definition (§ 86(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.