TRADE SECRET BASICS

 

What is a trade secret?

A trade secret is any information or know-how that is not publicly available which provides your business with a commercial advantage. A trade secret can take the form of a customer list, production methods, product formulas or other competitive information.

 

What does trade secret law do?

Trade secret law intends to protect information which is kept secret and is valuable. In addition, trade secret law prevents those who learn the secret from using or disclosing the secret improperly.

 

How do I obtain and keep trade secret rights?

For a business to establish a trade secret right, it must take reasonable steps to keep the valuable information secret. Examples of such steps include confidentiality agreements, non-compete agreements, initial interviews for all new employees, and other management systems which track to whom trade secret information is disclosed.

 

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