Updated June 04, 2023
A Michigan non-disclosure agreement is a document used to bind two (2) individuals to hold and protect Confidential Information as described within the contract. If the Confidential Information, or Trade Secrets, get into the hands of a third-party competitor, the party responsible for the misappropriation of the company’s secrets will be fully liable and the non-disclosure agreement can serve as proof to benefit the harmed party. The agreement will stay in effect until the information it protects is no longer considered confidential, or if written notice is given releasing either party from the contract.
Laws – §§ 445.1901 – 445.1910 (Uniform Trade Secrets Act)
“Trade Secret” Definition
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that is both of the following:
(i) 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.
(ii) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
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