Trade Secret Rights

A trade secret is a concept protected by law for its unique commercial value to someone, a group of people, or an entity. All trade secrets are meant to be confidential, and like the name suggests, kept secret. Many different things can be considered as trade secrets. Prosecution of trade secret violators is a viable option for victims of trade secret infringement.

Do you need assistance regarding a trade secret violation? Contact an Intellectual Property Professional regarding a trade secret violation today.

Some things considered as trade secrets include the following:

• Formulas
• Patterns
• Compilations
• Programs
• Devices
• Methods
• Techniques
• Processes

Many people confuse trade secrets with patents. Keep in mind that you cannot get both a patent and register a trade secret on the same invention. In addition, it is possible to transfer the rights of a trade secret to someone else or another party. This will involve license agreements and assignments. Trade secret professionals recommend that you document everything and that a lawyer reviews all of the terms of the transaction before you sign off on anything.

There are many factors to consider when determining whether or not a trade secret violation has occurred. How well known is theinformation outside of the business, and who knows about it inside of the business? What precautions are in place in order to protect the secret information? These are all factors to consider and questions to ask. Also, the amount of time, money, and effort that has been put into the development of this confidential information is another major factor to consider.

Many companies try to steel trade secrets from other companies or competitors by reverse engineering or industrial espionage. Reverse engineering is a legal though unethical way of acquiring industry secrets. However, industrial espionage is illegal and outright theft of industry secrets. According to trade secret laws, a trade secret obtained by improper or illegal means, is considered to have been misappropriated. Therefore, a trade secret acquired through industrial espionage, will be subject to prosecution under trade secret laws.

Do you need assistance regarding a trade secret violation? Contact an Intellectual Property Professional regarding a trade secret violation today.