True" non-disclosure agreements, or NDAs for short, are legally binding documents that require people to keep certain information to themselves. In this video, we'll cover the requirements for non-disclosure agreements in Illinois, what to include, and where to get a state-specific template. First, let's delve into a little more detail about NDAs in general. An NDA, also called a confidentiality agreement, protects a company, organization, or individual's business secrets from being disclosed to the public and especially to competitors. These secrets can range from new ideas, finances, software, and any other sensitive information. Many businesses have learned the hard way that things need to be kept confidential, which is why NDAs are so common in today's workforce. In fact, about a third of the US workforce is bound by an NDA. NDAs are commonly used for employees, subcontractors, potential investors, and anyone else who gains access to sensitive information. There are two types of NDAs: unilateral and mutual. Unilateral NDAs are more common and usually involve information shared with contractors or employees. They are one-way agreements, meaning that the receiving party agrees not to disclose information. Mutual NDAs, on the other hand, are less common and involve multiple parties who come together with an idea and need to share sensitive information with each other. Now, let's discuss NDA laws specific to Illinois. Illinois has its own set of laws for NDAs, known as the Illinois Trade Secrets Act. If someone violates a legal NDA in Illinois, the injured party has up to five years from the discovery of the misappropriation to take legal action. They may be entitled to significant damages. There are state limitations on what is considered a trade secret, and you can find more information on the laws at the link provided below. So, what should be included in an NDA...
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Video instructions and help with filling out and completing Dd 1750
