Wyoming Non-Disclosure Agreement
The Wyoming Non-Disclosure Agreement (NDA) is a binding contract created by a party called the Disclosing Party to achieve one primary purpose: to protect the Disclosing Party’s trade secrets. The reason NDAs have become somewhat ubiquitous in the business world is because they have aided countless individuals and businesses to retain the confidential status of their trade secrets—even once they disclose them to another party. Once this other party, hereafter referred to as the “Receiving Party,” signs a Non-Disclosure Agreement, they will no longer be permitted to freely use the confidential information in any way they see fit. Instead, they will be constrained to only use it in the limited ways (if any) allowed by the NDA.
To exemplify just how useful this contract is in a range of contexts, consider the fact that both a designer of an unpatented product and a company pitching its business plan may both take advantage of the safeguards it provides. Likewise, a technology company with a patented code and a cafe with a trade secret recipe for chocolate cake may use an NDA to bolster their existing efforts to protect their confidential information.
Trade Secret Law
In Wyoming, the law that applies to confidential information or trade secrets that have been stolen or leaked is called the Wyoming Uniform Trade Secrets Act (Title 40 Chapter 24). Consisting of ten (10) sections, the Act is required reading for both the Disclosing Party and Receiving Party because it establishes which remedies a victim of misappropriation may be rewarded, the amount of time the victim has to bring a case, and other meaningful content. To begin the process of acquainting themselves with this law, both parties are advised to take a read of the section below.
- § 40-24-101: Offers five definitions for terms noted throughout the chapter.
- § 40-24-102: Lays the groundwork for how victims of misappropriation can request the court issue an injunction to stop an entity from continued abuse of a trade secret.
- § 40-24-103: Sets out the requirements that must be met in order for the complainant to be rewarded damages caused by a stolen and misused Trade Secret.
- § 40-24-104: Specifies what conditions will need to be apparent for the court to pay for the prevailing party’s attorney’s fees.
- § 40-24-105: In order to ensure Trade Secrets are kept safe during litigation the court will take certain steps, which are covered in this section.
- § 40-24-106: Imposes an amount of time a victim of misappropriation is given to bring a case against the party misusing the confidential information. In Wyoming, the victim has four (4) years after discovering the wrongdoing (or after it should have been discovered).
- § 40-24-107: This section discusses how Chapter 24 affects other laws within the legislature
- § 40-24-108: Issues a statement common to trade secret laws that states the law is meant to coincide with other states Trade Secret laws.
- § 40-24-109: Makes clear the name by which the Act should be cited, namely, the “Uniform Trade Secrets Act.”
- § 40-24-110: The Act went into effect on July 1st, 2006. This provision states that any misappropriation that began before this date (and continued past it) is not governed by Chapter 24.
How to Write
Step 2 – Once the parties have resolved any issues either encountered with the contract’s terms, the following information should be noted in the contract:
- The Full Date,
- The Disclosing Party’s Name and Address, and
- The Receiving Party’s Name and Address.
The parties must provide their own personal information, and follow the order provided above.
Step 3 – On the final page, further information is required by both parties. Namely, they should each provide their own:
- Name (in print),
- Company Title,
- Signature, and
- Date (that the doc was signed).
This information must be written in the designated tables, as shown in the image below. With the completion of Step 3, the Non-Disclosure Agreement will now be in full effect.