Trade Secret Law
A trade secret is a formula, practice, process, design, instrument, pattern, or information that has an actual or potential economic value from the fact that it is not readily known or ascertainable by others and is subject to reasonable efforts to maintain its secrecy. There have been many famous trade secrets, classic examples are recipes, customer lists, and product designs.
In some situations, trade secrets might be preferable to patent protection. Patents have a limited duration, 20 years from the date of filing, but are granted that protection in exchange for full disclosure of an idea. Trade secret protection is allowed for as long as the information is not disclosed to the public.
If you or your business believes it might want to maintain some aspects of your ideas as trade secrets, it is extremely important to have the proper protections in place. Such protections can include non-disclosure agreements, lock and key protections, log-ins, etc.
If you are considering maintaining any trade secrets, or if you had a trade secret that you believe someone has illegally stole, contact us immediately so that we can attempt to help you be preserve your rights.