A Michigan non-disclosure agreement (NDA) is a legal contract used by companies and individuals for keeping private information out of the hands of third parties. It requires the recipient (be it another company, an investor, or an employee) to keep all learned information (as outlined in the contract) from being spoken with anyone not clearly permitted.
For situations in which information will be shared by both parties, the agreement should be made “bilateral.” For the more common situation of one (1) party sharing information to another, the form should be made “unilateral.”
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that is both of the following:
(i) 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.
(ii) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.[1]
