Updated February 21, 2023
An Oklahoma non-disclosure agreement binds its signatories to maintaining the secrecy of the Confidential Information, or Trade Secrets, defined within the document. What can be classified as confidential is dependent on the creators of the agreement; however, it can include anything from software prototypes to information exchanged verbally. Should either party disclose the information to the public or to a competing third-party company, they will be held 100% liable for all damages caused by the misappropriation. These damages include the potential revenue lost and the enrichment of a competing company. The agreement shall be terminated if the Confidential Information/Trade Secrets are no longer classified as such, or if the written notice has been provided by the owner of the information.
Laws – Okla. Stat. tit. 78, §§ 85-94 (Uniform Trade Secrets Act)
“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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