The Nevada non-disclosure agreement (NDA) is contract between two (2) parties in which one individual agrees not to divulge certain confidential information or use it for their own interests. This agreement is usually drafted when trade secrets are being shared between an employer and an employee or contractor as it allows the employer to protect themselves from financial loss and unjust competition. Once signed, the contract becomes legally binding and the information is protected. However, information will not be considered confidential information if it was publicly known at the time of disclosure or if it was known by the receiving party before its disclosure.
Laws – NRS 600A.010
Misappropriation (NRS 600A.030(2), NRS 600A.035-055) – In a case of misappropriation, the claimant is entitled to receive up to two (2) times the amount of the awarded damages due to unjust enrichment and actual financial loss (NRS 600A.035-050(2)).
Trade Secret Definition (NRS 600A.030(5)) – The legal definition of a trade secret is information, such as a product, formula, pattern, program, device, method, etc. that:
(1) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by the public or any other persons who can obtain commercial or economic value from its disclosure or use; and
(2) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.