Colorado Non-Disclosure Agreement
The Colorado Non-Disclosure Agreement is a contract that binds one or more parties into a formal agreement in order to protect a company’s trade secret, pattern, formula, process, or technique from being shared with anyone not included in the contract. To prevent misappropriation (the intentional, illegal use of property, ideas, or funds), the complainant can be rewarded for any damages deemed to be a result of the stolen secret(s) and can have attorney fees covered (in qualifying situations) as well. If possible, it is recommended that NDA’s are signed by companies instead of individuals, as signing under the name of the company can prevent liability from falling on the individual person if a breach of contract were to occur.
Trade Secret Law
The following is a section-by-section breakdown of the Colorado Uniform Trade Secrets Act:
- § 7-74-101 The title of Article 74
- § 7-74-102 Definitions of “Improper means,” “Misappropriation,” and “Trade secret”
- § 7-74-103 When Injunctive Relief will be issued
- § 7-74-104 Requirements for damages to be recovered
- § 7-74-105 Situations that garner the reimbursement of attorney fees
- § 7-74-106 What the court does to preserve trade secret(s)
- § 7-74-107 The time limit for bringing a case of misappropriation
- § 7-74-108 How Article 74 affects other laws
- § 7-74-109 Conveys that Colorado’s version of the UTSA is meant to be uniform with other states versions
- § 7-74-110 Severability Clause
How to Write
Step 2 – Enter the Day and Year that the contract goes into effect.
Step 3 – Directly under the date, have both the Disclosing Party (individual or company sharing the trade secret) and the Receiving Party (learning the secret) write their Full Names and Addresses.
Step 4 – Read through all nine (9) sections of the contract. Before completing Step 5, ensure both parties agree to the conditions laid out in the agreement.
Step 5 – Head to the bottom of the form. Both parties will need to write their Printed Names, Company Titles (if signing as an individual, ignore this field), the Dates they are completing the contract, and finally, their Signatures.