A Colorado non-disclosure agreement is a legally binding contract that sets the framework for maintaining the confidentiality of essential information, including trade secrets and proprietary data. It is a fundamental legal tool for businesses and individuals operating within the state, ensuring that all parties involved in a business relationship are committed to preserving the confidentiality of specified data.
An NDA is often a necessary precursor to discussions, partnerships, or collaborations. It describes what constitutes confidential information, outlines the contractual obligations, specifies the duration, and defines the consequences of breach, all compliant with the state’s legal requirements.
UTSA Version Adopted: 1985
Misappropriation (§ 7-74-102(2)): The improper acquisition, disclosure, or use of another party’s trade secrets or confidential information. The misuse of trade secrets can have legal consequences, including monetary damages and potential attorney’s fees awarded to the prevailing party (§ 7-74-104 and § 7-74-105).
Statute of Limitation (§ 7-74-107): A lawsuit must be filed within three years after discovering the misappropriation.
Trade Secret Definition (§ 7-74-102(4)):
“Trade secret” means the whole or any portion or phase of any scientific or technical information, design, process, procedure, formula, improvement, confidential business or financial information, listing of names, addresses, or telephone numbers, or other information relating to any business or profession which is secret and of value. To be a “trade secret” the owner thereof must have taken measures to prevent the secret from becoming available to persons other than those selected by the owner to have access thereto for limited purposes.
Create Your Colorado Non-Disclosure Agreement in Minutes!
