Create a Minnesota Non-Disclosure Agreement with our customizable template!
A Minnesota non-disclosure agreement (NDA) is often called a confidentiality agreement. A Minnesota non-disclosure agreement is used to stop employees and independent contractors from giving out your company's trade secret.
A nondisclosure agreement should include specific definitions of what material is considered confidential by your company. One example of sensitive information that may be covered by an NDA is intellectual property developed by your business that is unavailable to a competing business.
Before you draft an NDA or before you sign one that is presented to you, you should see out legal advice.
Minnesota uses its Uniform Trade Secrets Act, MN Stat § 325C to govern non-disclosure agreements and trade secrets (confidential information) for businesses. 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 non-compete agreement .
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.
To write a basic Minnesota non-disclosure agreement, you should first read the state's Uniform Trade Secret Act. This will help you better understand how to write your own NDA and what it will protect. However, this is not a substitute for qualified legal advice. A lawyer can help ensure that your NDA can protect your trade secrets appropriately as well as withstand court if that becomes necessary. You can save your template in Microsoft Word (.docx) for easy editing.
At the end of the NDA, the Disclosing Party and Receiving Party sign and print their names. There is also a space for the date. Both parties should be provided with a copy of the finalized document.
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