Colorado Non-Disclosure Agreement
The Colorado Non-Disclosure Agreement is a contract that binds one or more parties into a formal agreement in order to protect a company’s trade secret, pattern, formula, process, or technique from being shared with anyone not included in the contract. To prevent misappropriation (the intentional, illegal use of property, ideas, or funds), the complainant can be rewarded for any damages deemed to be a result of the stolen secret(s) and can have attorney fees covered (in qualifying situations) as well.
Trade Secret Law
The following is a section-by-section breakdown of the Colorado Uniform Trade Secrets Act:
- § 7-74-101: The title of Article 74.
- § 7-74-102: Definitions of “Improper means,” “Misappropriation,” and “Trade secret”.
- § 7-74-103: When Injunctive Relief will be issued.
- § 7-74-104: Requirements for damages to be recovered.
- § 7-74-105: Situations that garner the reimbursement of attorney fees.
- § 7-74-106: What the court does to preserve trade secret(s).
- § 7-74-107: The time limit for bringing a case of misappropriation.
- § 7-74-108: How Article 74 affects other laws.
- § 7-74-109: Conveys that Colorado’s version of the UTSA is meant to be uniform with other state’s versions.
- § 7-74-110: Severability Clause.
Trade Secret Definition
Colorado’s § 7-74-101 gives the following as a definition for “trade secret”:
“‘Trade secret’ means the whole or any portion or phase of any scientific or technical information, design, process, procedure, formula, improvement, confidential business or financial information, listing of names, addresses, or telephone numbers, or other information relating to any business or profession which is secret and of value. To be a “trade secret” the owner thereof must have taken measures to prevent the secret from becoming available to persons other than those selected by the owner to have access thereto for limited purposes.”