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A New Mexico non-disclosure agreement (NDA), also known as a confidentiality agreement, is a legally binding document that is often signed by independent contractors or employees. A New Mexico non-disclosure agreement may cover more than trade secrets. It can also cover client lists, intellectual property, sales information, and other types of information pertinent to the success of your business.
Before drafting an NDA or signing one presented to you, you should seek legal advice from a law firm that is skilled in employment law. This will help you better understand the confidentiality provisions and how they will affect you.
New Mexico’s Uniform Trade Secrets Act, NM Stat §§ 57-3A-1 through 57-3A-7 , provides information about how trade secrets are defined and governs NDAs. The New Mexico Uniform Trade Secrets Act also explains how businesses can preserve the secrecy of the information as well as what damages businesses may be entitled to receive if the NDA is violated. An NDA should include a reasonable time limit and geographical restriction to be enforced by a court of law.
Because the business environment continues to increase its competitive nature, businesses should also use a New Mexico non-compete agreement to better protect their competitive edge.
Since the purpose of an NDA is to protect trade secrets, businesses should understand how New Mexico’s Uniform Trade Secrets Act defines “trade secret.” NM Stat § 57-3A-2 defines a trade secret as information such as a formula, pattern, compilation, program, device, method, technique, or process.
A trade secret must have its own actual or potential financial value because it’s not information that is readily known by members of the public. It’s also not information that other businesses could figure out with relative ease and use for their benefit. Any information that is claimed as a trade secret must be reasonably protected by the business.
To write a basic New Mexico non-disclosure agreement, first review the New Mexico Uniform Trade Secrets Act. This will help you better understand what an NDA can and cannot protect. However, this is not a substitute for legal advice. A lawyer can help ensure that your agreement can protect your trade secrets as well as stand up in court against a former employee should it become necessary. You can save your template in Microsoft Word (.docx) for easy editing.
Both parties should sign and print their names. The signatures should be dated. Additionally, the parties should each receive a copy of the finalized contract for their records.
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