The South Dakota Non-Disclosure Agreement (NDA) is a business tool that allows confidential information to be discussed between two (2) parties without fear that the party learning the information will share the secrets with outsiders, or will use the information to better themselves. The form also goes by the name of “confidentiality agreement.”
To use the form, both parties will need to discuss exactly what is off-limits, what can be discussed freely, how long the form should last, and any other related information. Once they agree on all points, they will both need to sign and date the form. NDAs typically last between one (1) to five (5) years.
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:
(1) 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
(2) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.[1]