Updated June 04, 2023
A Virginia non-disclosure agreement is an agreement used to protect the business interests of the parties involved. Confidential Information held by the company can diminish in economic value if released to the public or to third-party competitors. Therefore, this agreement is used to ensure that those exposed to the company’s Trade Secrets are made liable should they purposefully or accidentally disclose the information to an individual outside the organization. The below template can be used for both Unilateral and Mutual agreements.
Laws – §§ 59.1-336 – 59.1-343 (Uniform Trade Secrets Act)
“Trade Secret” Definition
“Trade secret” means information, including but not limited to, 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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