A Kentucky non-disclosure agreement (NDA) provides entities with a way of keeping their confidential information safe. Once signed, either one (or both) parties will be bound by the requirements as stated in the form, which can be used to specify what information is to be kept unshared and for how long the information must be kept private.
Signing an NDA can prove useful in several situations; it can ensure the design for a newly developed piece of technology is kept a secret until a patent is acquired, it can be used to ensure newly-hired employees do not run away with learned processes and secrets, and it allows business executives to discuss potential mergers or sales without fear of the other party using their competitive advantages against them.
“Trade secret” means information, including a formula, pattern, compilation, program, data, device, method, technique, or process, that:
(a) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and
(b) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.[1]
