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Updated July 28, 2022

An Arkansas non-disclosure agreement is used for the purpose of defending trade secrets. The agreement can be structured to only have one (1) party bound (unilateral) or both parties (mutual). Any bound party is required to keep confidential information “in the strictest of confidence,” and states that, if one party were to breach the contract, they would be held solely responsible. The party suffering from any damages due to misappropriation of trade secrets is entitled to seek damages to the maximum allowed by law.

Laws § 4-75-601 to § 4-75-607 (Theft of Trade Secrets)

“Trade Secret” Definition

(4) “Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that:

(A) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and

(B) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.