Skip to main content

Trade Secret

What is a Trade Secret?​

information that has value because it is not generally known Trade Secrets and Protection

A trade secret is information that is considered to give a competitive edge to a business. This “competitive edge” is commonly in the form of processes, plans, or data. Keeping it a secret is a serious matter as any misappropriation could result in litigation, fines, and/or punitive damages.

Examples

  • Unpublished computer code
  • Product design definitions and specifications
  • Product development agreements
  • Business plans
  • Financial projections
  • Marketing plans
  • Sales data
  • Unpublished promotional material
  • Cost and pricing information
  • Customer lists, and
  • Pending patent applications.

Requirements to Qualify as a Trade Secret​

What Qualifies as a Trade Secret?

Not be generally known or ascertainable through legal methods; Provide a competitive advantage or have economic value; and Be the subject of reasonable efforts to maintain secrecy.

What is NOT a Trade Secret

If your competitors already know the material you want to protect, it isn’t much of a secret. Once it’s generally known or can be learned by the people within an industry, the information loses its special status and is not protected by nondisclosure agreements.

Obtaining the secret from a supplier, consultant, financial advisor or another person who signed a nondisclosure agreement. Stealing it through industrial espionage such as electronic surveillance, bribery or tapping a company’s phone lines or computers. Learning it from an employee who changes jobs and discloses the secret to a new employer.

Trade Secrets, Pricing Strategies Clause​

trade secrets and intellectual property consisting but not necessarily limited to:

a.) Business information including cost and pricing information, customer lists, supplier lists, business plans, sales and marketing plans and strategies, and advertising methods.

b.) Technical information including methods, systems, machines, processes, business plans, compositions, algorithms, formulae, techniques, product inventions and innovations, web design components, computer software, and proprietary dashboard analytics tools.

c.) Company information including salaries, equity, skills, strengths and weaknesses.

Disclosure: The Intellectual Property Disclosure Schedule contains a list of all Intellectual Property owned, developed, commissioned, licensed or used by the company. These intellectual property rights are hereby wholly owned by the company and will be held until perpetuity on all tangible and intangible products and services.