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A Montana non-disclosure agreement is also known as a confidentiality agreement. A Montana non-disclosure agreement is generally signed during the new hire process or when a contractor first provides services to your company. The objective of this document is to legally bind the employee or contractor to keep your confidential information private and not disclose it to the public or to competitors.
Non-disclosure agreements and trade secrets are regulated by Montana’s Uniform Trade Secrets Act, Mont. Code Ann. §§ 30-14-401 through 30-14-409.
Inside of an NDA, confidential information is referred to as a trade secret. This is information that the company uses to get or keep a competitive edge in their industry. The Montana Uniform Trade Secrets Act defines what sort of information may be considered a “trade secret.” This law states that a “trade secret” is information or a computer software that includes a formula, pattern, compilation, program, device, method, technique, or process with its own actual or potential financial value. This value is caused because the public and other businesses do not have this information available for their use. The company must take reasonable efforts to keep that information private if they want it to be protected by the NDA.
The Montana Uniform Trade Secrets Act also mentions the type of damages a business may be eligible to receive if a contractor or an employee violates the agreement. The law also discusses how trade secrets should be protected.
A non-disclosure agreement is just one type of contract that businesses should use with new hires and contractors. Another important protective contract for businesses is a Montana noncompete agreement.
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