Updated June 04, 2023
A Rhode Island non-disclosure agreement is used to ensure Trade Secrets remain confidential. Each party signing the form will be bound to protect the Confidential Information identified within the document. Each party must understand that, should they be found responsible for releasing the information to a third party, they will be 100% liable and will face any damages that occurred due to the misappropriation. If one (1) party has complete ownership over the information in question, like in an employer-employee relationship, the agreement can be classified as Unilateral. If both parties have ownership of the Confidential and Proprietary Information, the agreement is Mutual, and both individuals/parties will be legally bound to secrecy.
Laws – §§ 6-41-1 – 6-41-11 (Uniform Trade Secrets Act)
“Trade Secret” Definition
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:
(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; and
(ii) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
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