Updated June 04, 2023
A Maryland non-disclosure agreement (NDA) is a document that can be used to protect Trade Secrets from being leaked to the public or a third party. This contract, signed by two (2) parties, restricts both from releasing Confidential Information without experiencing legal consequences. The definition of Confidential Information is flexible, it can include prototypes, marketing strategies, software, or information exchanged verbally. If either party breaches the contract and a third party obtains access to the Trade Secrets, the responsible party will be accountable for any damages that might occur due to the leak.
Laws – §§ 11-1201 – 11-1209 (Uniform Trade Secrets Act)
“Trade Secret” Definition
“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.
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