A trade secret is confidential business information that creates a competitive edge against competitors. These include manufacturing, industrial and commercial secrets, such as sales methods, distribution methods, consumer profiles, advertising strategies, lists of suppliers and clients, and manufacturing processes. What constitutes a trade secret is not always clear and usually depends on the individual circumstances; however, clear violations in trade secret protection are commercial or industrial espionage, breach of contract and breach of confidence. It is extremely important that appropriate measures are taken to ensure the secrecy of your business’s valuable information and any damages you can recover for violations. There are specific steps you can take so that your valuable time, money and energy spent developing your secrets are never wasted.
Written By:Tracy Jong