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In a competitive market place, every edge a company can maintain over its competitor is incredibly valuable. In the online world, the development of specific algorithms, patterns, and formulas can make a company financially successful for the foreseeable future. Once these have been developed, it can be critical to keep this information confidential. When a company has knowledge that they want to keep out of the hands of the general public or their competitors, this is known as a trade secret. In order to ensure that your trade secret remains within your organization, it is important to consult a qualified trade secret law attorney.

What Constitutes a Trade Secret

Throughout the vast majority of states in the US, the legality surrounding trade secrets are defined in the Federal Uniform Trade Secrets Act (UTSA). In order for a trade secret to be deemed valid, there are a number of criteria the information must meet. First and foremost, the information must be secret, and not generally known by competitors. Secondly, the information must have commercial value to the company, and that value is contingent on the information remaining confidential. Lastly, the company with the information must have previously taken steps to secure the confidentiality of the information, this could come in the form of various confidentiality agreements.

Protecting Your Trade Secret

The clearest cut way to protect your trade secrets is through the development of non-disclosure agreements. A non-disclosure agreement is a legal contract between a minimum of two parties that describes confidential information or knowledge, that the parties will share with each other, but will restrict from outside parties. If a party violates your non-disclosure agreement, you will be able to UTSA action.

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