A non-disclosure agreement (NDA) in Colorado is a legally binding contract between two parties that establishes confidentiality regarding certain information.
The purpose of an NDA is to protect trade secrets or other proprietary information from being disclosed to others without permission. NDAs are commonly used in business relationships, such as when two companies consider entering a joint venture.
Under Colorado law, an NDA must be in writing and signed by both parties to be enforceable. The agreement must also state the nature of the confidential information and how it will be kept secret.
Additionally, the agreement should specify the length of time during which the information must remain confidential.
If one party breaches the terms of an NDA, the other party may be entitled to damages. In some cases, a court may also order the party who violated the agreement to pay punitive damages.
Colorado courts have generally enforced NDAs that are properly drafted and signed. However, courts will not enforce an NDA if it is unconscionable or against public policy. For example, an NDA that requires one party to keep information confidential indefinitely would likely be unenforceable.
Contact a Business Lawyer Denver Residents Trusts
Baker Law Group is a Colorado business law firm. We can help you protect your confidential information and ensure that your NDA is enforceable in court.