The Wisconsin non-disclosure agreement (NDA), or confidential disclosure agreement, is a legal document signed between two or more parties with the goal of protecting confidential information and trade secrets from unauthorized sharing with the public.
What is a Trade Secret in Wisconsin?
A trade secret in Wisconsin is confidential business information, providing details about the organization and structure of the business entity that are crucial to its operation. Moreover, such information is considered to be the competitive advantage of the business entity on the market, which is the reason for the confidentiality.
Types of Non-Disclosure Agreements
The main types of non-disclosure agreement forms are unilateral and mutual NDAs. What differentiates these types of NDAs is which party has the obligation to keep the shared information confidential.
With the unilateral NDA, this obligation is formed only for the party signing the document, while the mutual NDA forms an obligation for all the parties, including the party issuing the NDA.
Legal Requirements for Wisconsin Non-Disclosure Agreement
This section outlines the framework for the Wisconsin non-disclosure agreement template:
What Can a Non-Disclosure Agreement Be Used For in Wisconsin?
In Wisconsin, the non-disclosure agreement can be used in the following situations:
NDA Uses and Scopes
Protection of confidential business information: Business entities use the NDA to protect the confidential information they share when interacting with their vendors, suppliers, business partners, and other third parties.
Protection of intellectual property: Parties use it to protect inventions, software, creative work, and other types of intellectual property before they get official protection from the intellectual property laws.
Protection of information during employment: Employers will use the NDA to protect the confidential information their employees get access to during their employment period.
Protection of information during mergers and acquisitions: The parties also use the NDA to protect the information they share with each other during the merger and acquisition negotiation process.
Wisconsin Non-Disclosure Agreement FAQ
Yes, the NDA is a legally binding document in Wisconsin. However, all parties signing it must have the legal capacity. Otherwise, the document won’t be binding for them.
No, the Wisconsin NDA doesn’t need to be signed in front of a witness to be valid. However, if the parties want to provide an additional level of authentication for the document, they can include the witness signatures.
You can always decline to sign the NDA in Wisconsin. However, this action might have a potential negative impact on the relationship between you and the party issuing the NDA.