How to Protect a Trade Secret in New Jersey
Many businesses thrive off secrets. For example, being able to make something that others cannot make allows you to be the only person to create and sell that item. Having the secret exposed would allow others to copy you, therefore hurting your business. A secret like this is known as a “trade secret.” Read on to learn more about trade secrets in New Jersey.
What qualifies as a trade secret?
In order for a secret to qualify as a trade secret, it must meet the following requirements:
- It must be secret
- It must have commercial value because of its secrecy
- The owner must take the necessary steps to keep it private
Generally, your business must benefit from this secret, and having the secret revealed would harm your business.
How do I protect a trade secret?
It is important to note that you don’t have to formally register your trade secret with any sort of documentation. That being said, there are some steps to take in order to ensure your trade secret stays a secret. The most important way to keep your trade secret is up to you. The fewer people who know about the secret, the fewer people there are to spread the secret. As a result, you should tell as few people as possible. Limiting the number of people who know the secret will inevitably limit the potential of spreading the secret. If you are unable to keep the secret to yourself, there are other options. If you have to tell someone your secret, you can require that they sign a confidentiality agreement. If they break the confidentiality agreement, that is grounds for bringing legal action against the party who leaks information. Confidentiality agreements can be the key to protecting information of such high value.
If you have any questions or concerns about trade secrets in New Jersey, our firm is here to help. Reach out today to discuss your options.
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The Law Offices of Richard E. Novak, LLC has over 25 years of experience helping clients through tough times when they need it most. If you need assistance with any intellectual property, traffic violations, or business law matters, our firm is here to help. It is critical that you pick the right attorney who can protect your rights. Contact The Law Offices of Richard E. Novak, LLC for a consultation.