Updated June 04, 2023
A Tennessee non-disclosure agreement is an agreement used to bind its signatories to safeguarding the confidential information they can access because of their association with a business entity. The trade secrets of a business are often what separates it from its competitors; thus, it is wise for a business to protect itself against any misappropriation of data that would result in a loss of economic advantage. That is where non-disclosure agreements come into play. These agreements can be Unilateral or Mutual, meaning they can prohibit one party from disclosing information, or they can prohibit both.
Laws – §§ 47-25-1701 – 47-25-1709 (Uniform Trade Secrets Act)
“Trade Secret” Definition
“Trade secret” means information, without regard to form, including, but not limited to, technical, nontechnical or financial data, a formula, pattern, compilation, program, device, method, technique, process, or plan 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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