How long does trade secret protection last?
Companies may wish to legalize a trade secret in order to protect it from use or abuse by others. To make something a trade secret, there are requirements that must be met. The trade secret should be something that not many people know about. This will help to guarantee its status as a secret. Since the trade secret is trying to be hidden, it must have commercial value. Owners should take the necessary steps to prove the secrecy of the issue at-hand to further show that legal action is needed.
As long as a trade secret stays a secret it is in effect. The information is considered to be a trade secret as long as no one who is not cleared to gains access to it. Businesses can draft confidentiality agreements for employees to support the privacy of their trade secret. If your trade secret is stolen somehow, you will need to pursue the counsel of a professional attorney to protect your idea.
What processes can help secure my intellectual property?
In order to take proper measures to secure your property, consider the use of alternative dispute resolution. Through this process, you can work with an attorney that can encourage you to work with another party toward a resolution. With this process, you may be able to avoid litigation. This can prove to be more beneficial since it may be less time-consuming. Also, you may be able to retain more control through dispute resolution. Two processes to consider are arbitration and mediation.
Arbitration is a binding process that is confidential to those involved. This process can help those involved avoid the court process. Instead, they will be advised by a panel of attorneys. These attorneys will be experienced with vast knowledge in the field and will act as arbitrators. The arbitrators will hear both sides of the case thoroughly. Once all has been said, the panel of attorneys will decide on the matter for the group. In conclusion, they will produce a decision that cannot be appealed. It is a binding decision for both parties.
Another process that can be done to create a final outcome is mediation. Mediation can also avoid a court case if both parties are willing to cooperate. During mediation, both parties sit down with a neutral third party to discuss a possible outcome that satisfies everyone involved. The mediator does not take any evidence into consideration; they are just there to keep conversation civil and help guide both parties to a solution. A binding legal document will be drafted to ensure the conversation is made official. However, if either party is not content with the process, they can end mediation at any time.
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.