The Utah non-disclosure agreement (NDA) is a document designed to enable an individual to protect their confidential information when entering into a business relationship with an employee or partner. The disclosing party, often an employer, will demand that the receiving party, often an employee, protect their confidential information from entering the hands of their competitors or any third party that is not already privy to the info. Unwarranted disclosure of trade secrets and the like can result in loss of revenue and the unjust amelioration of companies in the same field as the disclosing party.
Laws – Uniform Trade Secrets Act
Misappropriation – UT Code § 13-24-4 (2017) In the case of malicious misappropriation, the complainant may receive damages exceeding no more than twice those awarded in subsection (1) of the above-mentioned statute. Attorney fees may also be awarded to the prevailing party UT Code § 13-24-5 (2017).
Trade Secret Definition (UT Code § 13-24-2 (2017))- “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.