The Wyoming non-disclosure agreement (NDA) is a contract between two (2) parties that binds the receiving party of confidential information to the preservation of its secrecy. The agreement will remain in effect for as long as the information does not qualify as public knowledge or until the disclosing party provides written notice releasing the recipient from the contract. The primary purpose of such an agreement is to prevent the unauthorized dissemination of valuable information which has or can have commercial value to the owner. The misappropriation of trade secrets can result in litigation against the disclosing party.
Misappropriation – In accordance with WY Stat § 40-24-103 (2017), a complainant (the disclosing party) is entitled to seek financial compensation for damages caused by misappropriation. These damages can include attorney’s fees as stated in WY Stat § 40-24-104 (2017).
Trade Secret Definition – WY Stat § 40-24-101 (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.