A Wyoming non-disclosure agreement is a legal contract that prevents valuable and confidential company information from being leaked to the public or competitors. In this arrangement, the recipient of sensitive data commits to maintaining the confidentiality of the information, and the disclosing party reveals the information for specific purposes.
This agreement usually remains valid until the disclosed information becomes public knowledge or the disclosing party gives explicit permission to share the information freely. Wyoming has adopted its own version of the federal Uniform Trade Secrets Act to govern the disclosure of confidential information.
Trade Secret Laws
UTSA Version Adopted: 1985
Misappropriation (§ 40-24-103): If someone misappropriated your proprietary information, you can sue them for damages, including the actual loss that occurred and any unjust enrichment that wasn’t properly accounted for. A court may award up to twice the damages amount in cases of malicious and willful misappropriation.
Statute of Limitation (§ 40-24-106): A plaintiff has four years from the time of discovery of misappropriation to initiate legal action.
Trade Secret Definition (§ 40-24-101(a)(iv)):
“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.