The Wisconsin non-disclosure agreement (NDA) is a straight-forward agreement between a party disclosing confidential information and a receiving party. The latter is required to protect the information and material they’ve received, preventing it from being accessed by competing businesses. Confidential information can be defined as any material or information that can derive commercial value for the disclosing party. Should the information be in written format, it should be stamped accordingly to indicate its confidentiality. If the information is transmitted orally, the disclosing party should provide writing to acknowledge that the conversation should be considered confidential.
Laws – WI Stat § 134.90 (2017)
Misappropriation – WI Stat § 134.90 (2017)(4) A complainant can receive compensation for damages caused by the misappropriation of confidential information.
Trade Secret Definition (WI Stat § 134.90 (2017)(1)) – “Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique or process to which all of the following apply:
1. The information 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. The information is the subject of efforts to maintain its secrecy that are reasonable under the circumstances.