The Minnesota non-disclosure agreement (NDA), or confidential disclosure agreement, is a legal document signed between two or more parties that provides a guarantee that the information exchanged between the parties signing the document won’t be made accessible to the public without the previous authorization.
What is a Trade Secret in Minnesota?
In Minnesota, a trade secret is a certain practice, method, or other type of information that is considered confidential and is essential to a certain business, its success, and its position on the market.
Types of Non-Disclosure Agreements
The two main types of non-disclosure agreement forms are mutual and unilateral NDAs. This differentiation is made based on which party is obliged not to share the exchanged information with third parties.
The unilateral NDA creates such an obligation only for one party, while the mutual NDA creates such an obligation for all parties signing the document.
Legal Requirements for Minnesota Non-Disclosure Agreement
Here, you can find the legal requirements regulating the Minnesota non-disclosure agreement template:
What Can a Non-Disclosure Agreement Be Used For in Minnesota?
The Minnesota non-disclosure agreement template can be used in different situations depending on the type of information the parties want to protect, the level of protection they want to provide, and who is signing the document.
Therefore, this section will provide the most common reasons parties decide to draft the NDA:
Non-Disclosure Agreement Uses and Scopes
Protection of customer information: The businesses that have to share certain sensitive information about their clients with the third parties processing this information must have the third party sign the NDA so the business can be in line with the data protection laws.
Protection of business information: The NDA can define what information shared between the parties is going to be considered a business or trade secret. By signing it, the parties agree not to share it with the public.
Protection of intellectual property: Parties use it to protect the creative work, inventions, software, and other kinds of intellectual property the third parties have access to during the interaction with the party issuing the NDA.
Protection of information during research collaborations: The NDA can also be used by the research organization that wants to protect sensitive information during the research process or to protect the results of the research.
Minnesota Non-Disclosure Agreement FAQ
Yes, the NDA is a legally binding document in Minnesota. It becomes legally binding the moment all the parties taking on the confidentiality obligation sign it.
No, the NDA doesn’t need to be signed in front of a witness in Minnesota. However, if the parties want to provide an additional level of authentication for the document, they can choose to include the witness signatures.
In Minnesota, you can always decline to sign the NDA. However, you should keep in mind that this action might affect the relationship between you and the party issuing the NDA.