A Vermont Non-Disclosure Agreement is a crucial tool for protecting confidential information. Employers often use this agreement to protect valuable trade secrets, especially when partnering with other companies or hiring new employees. It can be mutual, meaning that both parties are bound to confidentiality, or unilateral, meaning that only one party is restricted from disclosing the other’s information.
Vermont law recognizes the binding nature of NDAs, providing legal recourse for breaches. Understanding the power of this document is essential for safeguarding valuable business assets.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 4603): A complainant can recover damages, including reasonable attorneys’ fees, in a court of law for misappropriation.
Statute of Limitation (§ 523): Plaintiffs have six years from the time of misappropriation to initiate legal action.
Trade Secret Definition (§ 4601(3)):
“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.