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A Wyoming non-disclosure agreement (NDA) is referred to as a confidentiality agreement. The Wyoming non-disclosure agreement is a legal document companies use to protect their confidential information and trade secrets, such as intellectual property developed specifically for use by your business.
An NDA is signed by new employees or independent contractors who would then be bound by a duty of confidentiality to protect the confidential materials. An NDA may be its own contract or it may be part of an employment contract.
Non-disclosure agreements are governed by Wyoming’s Uniform Trade Secrets Act, WY Stat §§ 40-24-101 through 40-24-110 . Wyoming’s Uniform Trade Secrets Act also provides helpful information on what businesses should do to protect the secrecy of their confidential information and the statute of limitations for legal actions related to the NDA.
Businesses should take every possible step to protect their trade secrets. In addition to using an NDA, they should also consider using a Wyoming non-compete agreement .
Confidential information is referenced in a Wyoming non-disclosure agreement as a trade secret. The Wyoming Uniform Trade Secrets Act provides the State’s definition of a “trade secret” as information including a formula, pattern, compilation, program, device, method, technique, or process with its own potential or actual monetary value.
A trade secret’s value is that it is information that isn’t available to others. Any information that a business considers as a trade secret should be protected using reasonable methods.
The Disclosing and Receiving Party must sign and print their names. The signatures should be dated. Each party should receive a copy of the finalized agreement for their records.
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