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The Iowa non-disclosure agreement (NDA), or confidential disclosure agreement, is a legally binding document designed to protect certain information, such as business or trade secrets, intellectual property, customer information, and other types of confidential information that the parties don’t want to make publicly known.
What is a Trade Secret in Iowa?
A trade secret in Iowa is confidential information that describes the practice or operation of a certain business that is not available to the general public or competitors and is considered to be a competitive advantage of that business entity on the market.
Types of Non-Disclosure Agreements
In Iowa, there are two main types of non-disclosure agreement forms, depending on who is obliged to keep the shared information confidential:
Two Types of Non-Disclosure Agreements
Unilateral NDA: This type of NDA is used in situations where only one party is required to keep the shared information confidential. This is mostly used by companies to protect the information their employees get access to.
Mutual NDA: Here, both parties exchange certain confidential information with each other, so they both sign the NDA and accept the obligation not to share this information with the public.
Legal Requirements for Iowa Non-Disclosure Agreement
Here you can find the state regulations for the non-disclosure agreement template in Iowa:
Mandatory Requirements
Statutes: Chapter 550 – Trade Secrets
Definitions: § 550.2
Statute of Limitation: An action for misappropriation under this chapter must be brought within three years after the misappropriation is discovered. (§ 550.8)
What Can a Non-Disclosure Agreement Be Used For in Iowa?
The Iowa non-disclosure agreement can be used in various situations, depending on the level of confidentiality of the protected information, the type of information the parties want to protect, and more.
Here are some of the most common situations where parties choose to issue an NDA:
NDA Uses and Scopes in Iowa
Protection of information after litigation: Used by the parties who want to keep confidential the details of their dispute settlement agreement.
Protection of business information: The parties create this type of NDA to protect business and trade secrets during their interaction with suppliers, vendors, business partners, and others.
Protection of information during employment: Businesses choose to issue an NDA to protect the information their employees get access to during their employment. This document is usually signed by the employees along with their employment agreement.
Protection of information during research collaborations: The parties can use this type of NDA to protect their information during the research process as well as to protect the results of certain research.
Iowa Non-Disclosure Agreement FAQ
Yes, the NDA is a legally binding document in Iowa. It becomes legally binding once all the parties taking on the obligation of confidentiality sign it.
No, the Iowa NDA doesn’t need to be signed in front of witnesses to be valid. However, the parties can always decide to include the witness signatures to provide additional authentication for the document.
Yes, you can decline to sign the NDA in Iowa. However, before doing so, you should carefully consider the consequences this action might have in terms of the relationship between you and the party issuing the NDA.