A Rhode Island Non-Disclosure Agreement is a legal contract that is crucial for safeguarding confidential information, thereby preventing its unauthorized disclosure to third parties. This agreement can either be unilateral, which binds one party to confidentiality, or mutual, where both parties share this obligation.
NDAs are particularly important in commercial contexts as they help protect information that holds significant value or could be harmful if exposed to the public. In Rhode Island, non-disclosure agreements remain in force for three years, after which disclosure is no longer considered an infringement. This agreement is pivotal in upholding business integrity and protecting sensitive data.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (RI Gen L § 6-41-3 (2017) and RI Gen L § 6-41-4 (2017)): A complainant is entitled to compensation that includes the amount lost due to the misappropriation as well as “unjust enrichment” caused by misappropriation, in accordance with the law. Attorney’s fees may be rewarded to the prevailing party providing specific conditions are met.
Statute of Limitation (§ 6-41-6): If the plaintiff becomes aware of the misappropriation, they have a time period of three years to file a lawsuit against the defendant.
Trade Secret Definition (§ 6-41-1(4)):
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:
(i) 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
(ii) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.