A Maryland non-disclosure agreement is designed to stop employees and contractors from exposing your company secrets to competitors or to the public. A Maryland non-disclosure agreement should be specifically worded to cover exactly what you want or need covered.
Maryland has the Maryland Uniform Trade Secrets Act, Md. Code, Com. Law §§ 11-1201 through 11-1209. The purpose of this Act is to provide specific regulations for non-disclosure agreements and trade secrets.
In section 11-1201 of the Maryland Uniform Trade Secrets Act, “trade secret” is defined as information such as a formula, pattern compilation, program, device, method, technique, or process that has actual or potential monetary value because the general public doesn’t have the information and it’s not something that is easily discovered by another business for use. In short, it is information that gives the business a competitive edge.
In addition to providing a definition for what a business may consider a trade secret, the Maryland Uniform Trade Secrets Act also provides limitations and explains the right to damages that a business may be entitled to if the NDA is violated.
For additional protection, use the NDA in combination with a Maryland non-compete agreement.