A West Virginia non-disclosure agreement is a legal document that provides protection against a party from disclosing confidential information to parties outside the contract. This agreement can be mutual, meaning both parties agree to secrecy. Alternatively, it can be unilateral, meaning only one party must keep the information confidential.
A non-disclosure agreement is common in various business scenarios, including as part of the onboarding process for a new employee or an investor discussion. If the recipient of confidential information breaches the agreement, the disclosing party can pursue legal action to obtain compensation.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 47-22-3): A complainant has the right to recover damages caused by misappropriation. These damages may include the actual loss caused by the misappropriation or any unjust enrichment the misappropriation inflicted. If the misappropriation is willful and malicious, the court may award up to twice the amount in damages.
Statute of Limitation (§ 47-22-6): Plaintiffs have three years from when the misappropriation occurs to pursue legal action.
Trade Secret Definition (§ 47-22-1(d)):
“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.