In February 2020, we were contacted by a client who hired us to prepare a trade secret confidentiality agreement in Bulgarian and English, as our client shall disclose confidential information, which constitutes a trade secret to a contractor under an assignment agreement. The trade secret confidentiality agreement we prepared was approved by the client and contains the following information:
- Identification of the parties (disclosing and receiving party);
- The purpose of disclosure of the trade secret;
- A detailed description of what is a trade secret: – definition of a trade secret; – measures taken to keep the trade secret confidential by the disclosing party; – persons having the right to access and use trade information, know-how, and technological information constituting trade secrets.
- Acquisition, use, and disclosure of trade secrets: – lawful acquisition, use, and disclosure of trade secrets; – unlawful acquisition, use, and disclosure of trade secrets.
- Rights and obligations of the parties: – non-disclosure and non-use obligations; – no rights or licenses granted; – a standard of care; – notification of disclosure; – no publication; – return of confidential information.
- Compensation for non-compliance with the trade secret agreement.
- Remedies: – liability of the receiving party for breach of its obligations; – liability under the Law on Protection of Trade Secrets; – liability under the Law on Protection of Competition.
- Miscellaneous: – the time period of the confidentiality and the term the agreement; – survival clause; – no waiver; – no relationship created; – no commitment; – governing law; – amendments in writing; – communications; – entire agreement.