How to Protect Your Trade Secret
If you own a successful business, there is a good chance you are doing something that your competitors are not. In fact, successful business goes hand-in-hand with innovation, so it is extremely important that you keep your trade secrets safe. If you are a concerned business owner, here are some of the questions you may have:
What qualifies as a trade secret?
Contrary to popular belief, a trade secret can be protected without legal registration or procedural formalities. In order for something to be considered a trade secret, it must be secret, have commercial value because of its secrecy, and the owner must take the necessary steps to keep it private. While you do not have to formally register your secret, there are some actions you may take in order to ensure your trade secret stays a secret.
How can I protect my trade secret?
One of the most important things you can do is to limit the number of people you tell your secret to. By doing so, you are drastically decreasing the chances of your secret spreading by word-of-mouth or otherwise. Additionally, if you are an employer and an employee must be granted access to your trade secret, you may draft a confidentiality agreement. By doing so, you may detail what will happen to the employee if he or she breaches the contract. This is extremely useful if your trade secret is a recipe and your employees need access in order to prepare it. Additionally, it is important you know about the life of your trade secret. Your trade secret is valid until it is no longer a secret. As long as your formula, policy, process, etc. stays a secret, then your secret is still a secret. If someone steals your secret through industrial espionage, you should take legal action and hire an experienced attorney immediately. For example, if one of your employees steals your trade secret with the intent of starting his or her own business or using it against you in any way, this would be considered industrial espionage.
Contact our New Jersey firm
The Law Offices of Richard E. Novak, LLC understands how important a trade secret is to a company. When information that is crucial to your success is attained illegally, it is time to consider your legal options and fight for the future of your company. If you need quality legal support, contact The Law Offices of Richard E. Novak, LLC in Englewood, NJ for an initial consultation.
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.