The Ohio non-disclosure agreement (NDA) is a written agreement in which one (1) party agrees not to reveal (or use for their own benefit) confidential information received from a disclosing party. Both individuals must sign the document in order for it to be valid. NDAs are legally binding, and if the receiving party breaks the agreement, they will be 100% liable for any financial loss incurred upon the disclosing party. Ohio courts are especially tough on misappropriation cases and may award claimants with up to three (3) times the determined amount of damages.
Laws – Trade Practices
Misappropriation (§ 1333.63 and § 1333.64) – Claimants are entitled to receive damages for any financial loss caused by misappropriation. In cases of willful and malicious misappropriation, the court may award reasonable attorneys’ fees and punitive damages of up to three (3) times the regular amount.
Trade Secret Definition (§ 1333.61) – “Trade secret” means information, including the whole or any portion or phase of any scientific or technical information, design, process, procedure, formula, pattern, compilation, program, device, method, technique, or improvement, or any business information or plans, financial information, or listing of names, addresses, or telephone numbers, that satisfies both of the following:
(1) It 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.
(2) It is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.