A Minnesota non-disclosure agreement is often called a confidentiality agreement. A Minnesota non-disclosure agreement is used to stop employees and contractors from giving out your business secrets. It should include specific definitions of what material is considered confidential by your company.
Minnesota uses their Uniform Trade Secrets Act, MN Stat § 325C (2016) to govern non-disclosure agreements and trade secrets (confidential information) for businesses.
Confidential information is referred to as a “trade secret.” Minnesota Uniform Trade Secrets Act defines a “trade secret” as information that has its own actual or potential economic value. This value comes from the fact that the information isn’t something known by the public or something that another business could easily come up with on their own and use. For anything that a company considers a trade secret that they want to cover with an NDA, they must take reasonable efforts to keep that information private.
The Uniform Trade Secrets Act also provides information about what businesses should do to keep their trade secrets considered as such. It also provides potential damages for businesses who are victimized by an NDA violation.
For maximum protection, this document should be used with a Minnesota noncompete agreement.