A Louisiana non-disclosure agreement (NDA) provides terms and conditions for one individual/entity (disclosing party) to allow another party (receiving party) access to their trade secrets and other confidential information for the purposes of furthering a business relationship or other arrangement. By signing this NDA, the receiving party agrees not to share this information with any third party, as this could be detrimental to the disclosing party’s business. The state of Louisiana recognizes the Uniform Trade Secrets Act, and any misappropriation or improper dissemination of trade secrets and/or confidential information will be dealt with in a court of law according to the statutes linked below.
Laws – § 51:1431(-1439)
Trade Secret Definition (§ 51:1431) – Information is considered a “trade secret” if the following conditions apply:
- 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
- is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.