WHAT IS A TRADE SECRET?
Trade Secrets are probably the least known type of U.S. intellectual property right. A trade secret is any proprietary or confidential information (think coca-cola recipe) you develop and use for your business, that gives you an advantage over your competitors.
Specifically, a trade secret is defined under the Defend Trade Secrets Act as: “all forms and types of financial, business, scientific, technical, economic, or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs, or codes, whether tangible or intangible, and whether or how stored, compiled, or memorialized physically, electronically, graphically, photographically, or in writing if:
(A) the owner thereof has taken reasonable measures to keep such information secret; and
(B) the information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, another person who can obtain economic value from the disclosure or use of the information.
HOW CAN I PROTECT MY TRADE SECRETS?
A trade secret can be protected through the use of a non-disclosure (NDA) or confidentiality agreements, as well as rock-solid contract provisions. These secrets and know-how are a valuable part of a thriving business and, for some, is the driving force behind a company’s success. Whether you need a confidentiality agreement or NDA reviewed, drafted, or confidentiality protection incorporated into a larger transaction, we have the experience to help you keep your trade secrets and confidential information protected.
To stay up to date on the latest news and information on trade secrets, confidential information, and other IP, check out our blog.