An Oregon Non-Disclosure Agreement is a legal document that creates a confidential relationship between two or more parties and safeguards sensitive information from unauthorized disclosure. The agreement can be mutual or unilateral and is often included in employment contracts.
Employees must acknowledge the non-disclosure terms regarding access to private information and the consequences of failing to uphold confidentiality.
The NDA is crucial during hiring to prevent employees from misusing or disclosing trade secrets. It needs to be in compliance with the Oregon Uniform Trade Secrets Act. Once signed, the document remains in force unless mutually terminated, or the information covered under the agreement loses its trade secret status.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 646.465): A complainant can recover damages to compensate for misappropriation and may be awarded up to double the original amount in punitive damages.
Statute of Limitation (§ 646.471): The plaintiff has a period of three years, starting from the discovery of the misappropriation, to file a lawsuit against the defendant.
Trade Secret Definition (§ 646.461(4)):
“Trade secret” means information, including a drawing, cost data, customer list, formula, pattern, compilation, program, device, method, technique or process that:
(a) Derives independent economic value, actual or potential, from not being generally known to the public or to 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.