The West Virginia non-disclosure agreement (NDA) is an agreement between two (2) parties in which the receiving party of confidential information agrees to hold and maintain its secrecy. This document is often administered at the beginning of a business relationship to ensure that the owner of trade secrets doesn’t suffer from its unauthorized disclosure to their competitors. The dissemination of trade secrets can result in the loss of revenue and the unjust enrichment of the disclosing party’s competitors. Should unauthorized disclosure take place after both parties have signed the agreement, the disclosing party is likely to seek the recovery of damages in a court of law.
Misappropriation – Damages and unjust enrichment caused by the misappropriation of trade secrets can be recovered in accordance with WV Code § 47-22-3 (2017). The prevailing party may be compensated for attorney’s fees (WV Code § 47-22-4 (2017)).
Trade Secret Definition (WV Code § 47-22-1 (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.