Oklahoma non-disclosure agreements (NDAs) are legal documents in which a receiving party agrees not to share or use the trade secrets revealed to them by a disclosing party. These contracts are most often used by employers to inhibit employees from using confidential information for personal or third-party profit. In Oklahoma, misappropriation of trade secrets is considered larceny and offenders can face serious fines and even jail time. Once signed, the NDA remains active unless the confidential information loses its status as a trade secret or the receiving party is given written notice that releases them from the agreement.
Laws – § 21-1732
Misappropriation (§ 21-1732(A), § 21-1704, § 21-1705, and § 21-1706) – Any individual who appropriates a trade secret for their own use or that of another party is guilty of larceny. Depending on the value of the trade secret, the offender could face a fine of up to $5,000 and jail time of up to one (1) year.
Trade Secret Definition (§ 21-1732(B)-(c)) – The term “trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, customer list, business records 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.