Iowa Non-Disclosure Agreement
The Iowa Non-Disclosure Agreement (also known as a “Confidentiality Agreement” or “One-way NDA”) establishes a legally-binding contract between two (2) parties, restricting one (1) of the parties from sharing the learned trade secrets of the other. Commonly used when hiring new employees, pitching an unpatented product, or keeping a recipe or process out of competitors hands, signing an NDA is an easy and safe investment to protect the confidential information of an individual or company based out of Iowa.
Trade Secret Law
The Uniform Trade Secrets Act was an act published in 1979 with the goal of making each state’s trade laws uniform. One of the primary purposes of unifying trade secret laws was to help companies that do business in more than one (1) state. The act was adopted by the majority of states, including Iowa. However, many of the states have added additions and slight alterations to the Act. To ensure you have a full understanding of Iowa’s Chapter 550 (Trade Secrets) law, the outline below should be referred to:
- 550.1 “Short Title” – States that Chapter 550 is known as the “Uniform Trade Secrets Act”
- 550.2 “Definitions” – The definitions of important and frequently used terms
- 550.3 “Injunctive Relief” – Situations in which an injunction will be issued or terminated by the court
- 550.4 “Damages” – What the complainant can receive damage compensation for
- 550.5 “Defense” – What constitutes as a complete defense (for the defendant)
- 550.6 “Attorney Fees” – When the court will award attorney fees
- 550.7 “Preservation of secrecy” – The steps the court will take to ensure a trade secret remains a secret
- 550.8 “Statute of limitations” – The required timeframe for bringing a case of misappropriation
How to Write
Step 2 – The NDA will need to be completed top to bottom. Firstly, enter the current Date. Next, the Names (if representing a company, write the company name) and the Addresses of both the Disclosing Party (individual or business sharing the confidential information) and the Receiving Party (entity learning the secrets) should be entered.
Step 3 – Next, the contract should be edited so that both parties are satisfied with the terms. This will require both parties to thoroughly read through the contract and subsequently correct or add any conditions as needed. Once both parties agree to the terms and conditions of the contract, they should both parties write their Printed Names, Titles (within the companies – if no company, leave blank), and the Dates. Then, the parties will need to Sign the contract. Once all three (3) steps have been completed, the Disclosing Party and the Receiving party will be officially in a legally-binding relationship with one another.