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Trade Secrets

A trade secret consists of certain, often confidential information used by a business to obtain an advantage over competitors or customers. Without being generally known or readily available, the use of this information can derive independent economic value. Trade Secrets take the form of business formulas, patterns, programs, designs, methods, techniques, or processes.

Protecting Trade Secrets

Unlike , which expire after twenty years, trade secrets will last for the amount of time that the information is kept confidential. Following that theory, a trade secret could potentially last forever, provided that it’s secret is well maintained.

Today, most states have legislation specifically intended for trade secrets, and recognize some kind of trade secret protection. Trade Secret protection was originated and is maintained through state laws which use the Uniform Trade Secrets Act that has helped to create a more uniform body of trade secret law from state to state.

The misappropriation of trade secrets, (which could be the result of industrial espionage) is the only thing that the owner of a trade secret has any recourse against. The discovering of trade secrets through independent research is not considered misappropriation.

Trade Secret Violation

An injunctive relief (a court order refraining someone from carrying out a particular action) is available to prevent the disclosure of trade secrets by someone under an obligation not to disclose. Unfortunately, once a sensitive trade secret is leaked to the public the effects can be extremely detrimental to a business. In many cases no amount of money can compensate for the exposure of a trade secret.

In the event of trade secret misappropriation, quick action is important in an attempt to avoid further damaging exposure. Contact an Intellectual Property Attorney immediately to discuss the proper steps that need to be taken in the event of trade secret violation.



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