Facts About Trade Secrets

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What is a trade secret?

The nature of information that someone wants to keep as a trade secret can include various areas, such as computer software, a device, a method, a formula or a pattern. Trade secrets are protected under state law and there must be a reasonable effort made to maintain secrecy.

What is protected?

Following is a list of the most common technical and business information which can be protected by trade secret law:

• Designs
• Instructional methods and processes
• Client databases
• Chemical formulas
• Business plans

How can it be protected?

Inventions which can not be patented can be protected under the trade secret law. However, the owner must put forth reasonable efforts and precautions in order to prevent general dissemination of the information. This implies that simply expressing a wish to keep specific information secret does not qualify as a trade secret. Consider the following guidelines as to what qualifies as “reasonable precautions”:

• If the information is only revealed to employees on a “need to know” basis
• If the information is password-protected
• If the information is available with restricted access only
• If the information is locked away
• If records are kept concerning individuals who could have had access to the information

Hot Topics

• Use of Trade Secrets
• Owner’s Rights
• Trade Secret & Trademark/Patent
• Enforcing the Rights
• Stealing Trade Secrets and Crime

As an employer, it only takes a bit of care in order to make sure that your company’s most valuable information is not traded. Contact one of our trade secret lawyers now and find out how you can secure legal rights to the fuel that runs your business.

Click here for a free evaluation of your case.