Updated June 04, 2023
A Louisiana non-disclosure agreement (NDA) is a document used to bind two (2) parties to protect confidential information from third parties and competing businesses. A document of this nature can be mutual, in that both parties are restricted from sharing the information, or it can be unilateral, in which case one (1) party would have sole ownership over the information and the second party would be bound to secrecy. This contract is often drawn up when an employee is hired and the company wishes to continue to use its trade secrets to gain an economic advantage over its competitors.
Laws – La. R.S. Title 51, §§ 1431 – 1439
“Trade Secret” Definition
“Trade secret” means information, including a formula, pattern, compilation, program, 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.
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