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Posted on in Intellectual Property

FL trade secrets lawyerIn the modern world of business, it has never been more important to protect your intellectual property. For many companies, the knowledge they hold is what makes the company truly valuable. A trade secret is simply valuable and unique knowledge developed within a company, that the company is looking to keep secret. For many companies, a trade secret can mean everything to their success, due to the fact that it puts them at a competitive advantage within the industry. Unfortunately, competitors or criminals may look to steal your trade secret, putting the health and wellbeing of your company at risk. Below we will discuss the importance of protecting your trade secrets, and how a knowledgeable intellectual property attorney can help.

What Is a Trade Secret?

While many companies may not be aware of this fact, almost every single company of significance has some form of trade secret. In many cases, the trade secret could be an algorithm or formula unbeknownst to the rest of the field. In other cases, a trade secret is as simple as a methodology for production or marketing. Yet in all cases a trade secret provides the owner with some sort of economic benefit, is not generally known by the public, and will be protected by the owner.

What You Can Do

Throughout the vast majority of the United States, the laws pertaining to trade secrets are defined by the Federal Uniform Trade Secrets Act (UTSA). The most common way to protect your trade secrets is through the use of a non-disclosure agreement. A non-disclosure agreement will essentially state that the employee cannot share the information mentioned in the agreement. It is important to have an in-depth knowledge of non-disclosure agreements, due to the fact that any misstep in the crafting of the document could result in an inability to take proper legal action.

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FL cyber law attorneyIn 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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