Arkansas Non-Disclosure Agreement Template
The Arkansas Non-Disclosure Agreement (NDA) is a contract used to keep a company’s trade secrets from landing in the wrong hands. It is used when an individual will be learning a secret that is considered valuable to the company, such as a recipe or a business’ competitive advantage. The individual or company learning the information (called the “Receiving Party”) can be sued by the company sharing the information (the “Disclosing Party”) or faced with injunctive relief (a court order to stop an activity) if the party unrightfully shares confidential information.
Trade Secret Law
Arkansas’ interpretation of the Federal Uniform Trade Secret Act differs slightly than the general law published in 1979; notable sections from the act can be found below:
Statute of Limitations (§ 4-75-603): Three (3) years. Time begins from the date of misappropriation discovery or date discovery should have been made.
- A.C.A. § 4-75-601: Provides the definitions for commonly used words in Subchapter 6 (Theft of Trade Secrets).
- A.C.A. § 4-75-602: Explains how Subchapter 6 affects other laws.
- A.C.A. § 4-75-603: States the timeframe for bringing a case of misappropriation in Arkansas i.e. three (3) years.
- A.C.A. § 4-75-604: Details the situations in which Injunctive Relief will/can be ordered by the court.
- A.C.A. § 4-75-605: Conveys the steps that the court will take to ensure trade secrets are preserved.
- A.C.A. § 4-75-606: Notes that the damages caused by misappropriation that the complainant can recover.
- A.C.A. § 4-75-607: Highlights the situations when the court will cover the winning party’s attorney fees.