What Is A Trade Secret?
Traditionally, trade secrets are legally protected information usually held by companies, secrets including formulas, patterns, compilations, programs, devices, methods, techniques, and processes. To meet the common definition of a trade secret, (1) there must be information, (2) the owner must have taken reasonable measures to protect the information, and (3) the information must derive independent economic value from not being generally known by the public. (18 U.S.C. § 1839(3)).
One big difference between trade secrets and its intellectual property counterparts—copyrights, trademarks, and patents—is that there is no set time limit for protection. However, once a trade secret is lost, it is lost for good. This means that once the confidential information is disclosed and no longer remains a secret, then that information’s trade secret status will be forever lost and unrecoverable. (tradesecrets.com). Of course, this is not to say there are no means for protection regarding trade secrets.
How Bold IP Does Trade Secrets:
Trade Secret Identification: Know what you know! Business-savvy Bold IP attorneys will conduct one or more detail Trade Secret identification consultations, preferably on-site in order to identify whether there is anything we would recommend seeking trade secret protection for.
Trade Secret Maintenance: Keep it Secret! Bold IP Attorneys come on-site to educate and provide practical advice customized for your business for how to maintain one or more trade secrets given the law in the State. Our attorneys can craft customized Non-Disclosure Agreements, or Non-Compete Agreements to assure proprietary trade secret information does not leak outside of your company and in the hands of your competitors.