A Virginia Non-Disclosure Agreement is a crucial legal document that helps safeguard sensitive information from being disclosed to unauthorized parties. It is typically used by employers to protect trade secrets and confidential data, especially during the hiring process or when entering into partnerships.
In Virginia, non-disclosure agreements can be unilateral, binding one party to confidentiality, or mutual, obligating both parties to maintain confidentiality. It’s worth noting that Virginia’s Uniform Trade Secrets Act (VUTSA) provides additional legal protection for confidential information, making it easier for companies to seek remedies for breaches of confidentiality. As such, it’s essential to understand the power of an NDA and VUTSA in safeguarding valuable business assets.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (VA Code § 59.1-338 and VA Code § 59.1-338.1): If someone has suffered damages due to misappropriation, they may be entitled to receive monetary compensation for those damages, which could also include attorneys’ fees.
Statute of Limitation (§ 59.1-340): Legal action for a breach of contract should be initiated within three years from the time the breach occurred.
Trade Secret Definition (§ 59.1-336):
“Trade secret” means information, including but not limited to, a formula, pattern, compilation, program, device, method, technique, or process, that:
1. 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
2. Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.