Most businesses in Nevada have certain items that they want to keep secret. At Aldrich Law Firm, Ltd., we know that the tricks to your trade can be what set you apart from your competition. Though there are laws in place to protect your intellectual property, you might want to consider exploring the option of a confidentiality agreement. If you construct these properly, they can give you additional protection and peace of mind.
Currently, Nevada’s Trade Secrets Uniform Act prohibits anyone from stealing trade secrets. That includes either duplicating or photographing an item, buying a trade secret or otherwise conveying it. Having your employees or others you do business with sign a nondisclosure agreement gives you further legal recourse in the event that someone tries to leak information.
Experts agree that your agreement should feature the following elements:
- The types of information that should be kept confidential written in broad language, such as “financial information”
- Any exclusions that may apply
- How long the information may be kept confidential
- What is expected of the party signing the agreement, such as banning the party from breaching the confidential relationship
There may be some other provisions that should be included. For example, if you do business with a company from another state, your agreement should outline which state’s laws would govern a breach of the contract. Further, some businesses choose to include a clause that requires the party to submit to arbitration if a dispute arises.
Anytime your business develops legally binding contracts, a knowledgeable attorney should review them to maximize your protection. For more information on this topic, please visit our page on employment contracts.