The Virginia non-disclosure agreement (NDA) is used to provide an individual with protection for their confidential information. The disclosing party will require that the receiving party review the form, consent to protecting the information described as confidential, and sign where applicable to indicate their cooperation. An NDA is often used during the hiring process of an employee, as it indicates that the information that they’re to be exposed to is not to reach the hands of a third party. Any unwarranted disclosure of the data can result in punitive action against the misappropriating party.
Misappropriation – VA Code § 59.1-338 (2017) A complainant is entitled to recover monetary compensation for damages caused by misappropriation, this may also include attorneys’ fees (VA Code § 59.1-338.1 (2017)).
Trade Secret Definition (VA Code § 59.1-336 (2017)) – “Trade secret” means information, including but not limited to, a formula, pattern, compilation, program, device, method, technique, 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.