By definition, a trade secret is any valuable business information which is not widely known and must be protected to preserve its confidentiality. In business, trade secrets often create a competitive advantage. Unlike copyrights, trademarks, or patents, which are disclosed to the general public as a condition for protection, a trade secret can put the company in a vulnerable position if it becomes publicly known. Legal methods can be utilized to maintain trade secret confidentiality. It is also wise to consider implementing contracts with employees who may become privy to trade secrets, so that it maintains its mystery. Provisions to protect trade secrets may be part of a worker’s employment contract prior to hiring. If you are interested in learning more about how to protect your trade secrets, continue reading below.
Trade Secrets and Employees
Employers are encouraged to have an employment lawyer they can turn to for help protecting their trade secrets. Your lawyer may suggest writing an employment contract with an eye towards trade secret laws as a component. These contracts can include the measures taken to protect sensitive information. By having employees sign a contract agreeing to not disclose certain information, it can protect the success and continued profit of a business. These contracts can ensure that employees are fully aware of their obligations about trade secret information and what is expected of them during their employment, and after their employment ends.
Protecting Your Intellectual Property
Business people and creators deserve to have their unique thoughts and creations protected. Unlike other forms of intellectual property, trade secrets don’t expire, as long as they remain a secret. Your lawyer can suggest how to protect your trade secrets in a way that quickly addresses any potential threats. Examples of methods used to safeguard your intellectual property can entail legal documentation, strong passwords, restricted access, locked cabinets, and more. If a trade secret gets stolen from your business and revealed to others, your legal team can advise you on your options in holding the offender accountable for the damage caused.
Business Litigation and Disputes
Business owners are advised to take proactive measures to keep their secrets out of public knowledge. If disputes or litigation arise, your legal team will know how to take immediate action to reduce damage and protect your financial interests. As our friends at Cohen & Cohen would agree, trade secrets becoming public knowledge and the violation of employment contracts can put the success of a business at risk of serious loss. Examples of litigation and disputes that can be handled by your legal team include non-compete agreements, misappropriation of trade secrets, unjust enrichment damages, protecting customer lists, injunctive relief in relation to theft of trade secrets, nondisclosure agreements, duty of loyalty to an employer, and more.
After all the hard work that goes into establishing a business, the last thing you want to worry about is having sensitive information be revealed to the public. If you are a creator or business owner and need to protect your trade secrets, there are legal methods you can implement that hold employees and other parties accountable.