What is a Trade Secret? | Intellectual Property in New Jersey

What is a Trade Secret?

If you run a successful business, you probably know something your competitors don’t. If this is the case, you definitely want to keep this information a secret. Read on to learn more about trade secrets in New Jersey.

What Qualifies as a Trade Secret?

For a secret to qualify as a trade secret, it must meet the following requirements: it must be secret, have commercial value because of its secrecy, and the owner must take the necessary steps to keep it private.

In other words, your business must benefit from this secret, and having the secret revealed would harm your business. An example of something you may want to keep secret may be a certain recipe or formula. 

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.

How do You Protect a Trade Secret?

The most important way to keep your trade secret a secret is in your hands. 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. But, it may not be realistic for you to keep this secret entirely to yourself. Luckily, there are some steps you can take in cases like these. 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 regarding trade secrets in New Jersey, contact our firm today to speak with an experienced intellectual property attorney.

Contact our Firm 

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.