An Illinois non-disclosure agreement (NDA) is a contract used for preventing employees, business associates, patients, or other individuals or companies from disclosing confidential information to outside parties. These agreements come in two (2) variations:
Unilateral: Also called a one-way agreement, this type of NDA is used when confidential information will be disclosed by one (1) party and learned by another.
Bilateral: Otherwise known as a mutual or two-way agreement, this type of NDA is used when both parties will be disclosing secret information to one another. This situation is less common and is mostly used in business environments.
The form offered for download can be made unilateral or bilateral depending on the options selected.
“Trade secret” means information, including but not limited to, technical or non-technical data, a formula, pattern, compilation, program, device, method, technique, drawing, process, financial data, or list of actual or potential customers or suppliers, that:
(1) is sufficiently secret to derive economic value, actual or potential, from not being generally known to other persons who can obtain economic value from its disclosure or use; and
(2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy or confidentiality.[1]
