What is a trade secret?

What is a trade secret?

Millions of companies around the world credit the success of their product to one specific ingredient or some other secret. The key to success is top secret and prevents competitors from recreating the same exact product that has allowed your company to stay a step ahead of everyone else in the market.

Trade secrets are required to truly be kept a secret. In order to be considered a trade secret, they must have incredibly high value for the company’s success. For example, if Coca Cola’s secret recipe was leaked, the company would take a hit because competitors could recreate the same drink and sell it for much cheaper, which could destroy one of the most successful companies in the world.

The only way to really protect a trade secret is to really do everything you can to keep it a secret. Don’t tell anyone who doesn’t absolutely need to know. You can require anyone you tell the trade secret to 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 a high value. You can use it to swear them to secrecy and describe what the consequences of breaking the confidentiality agreement are.

If you have questions about how to protect a trade secret that is very valuable to your company, you should seek legal guidance with an experienced intellectual property attorney. Our firm understands how important your intellectual property is to your business and wants to do what we can to assist you in protecting it at all costs.

Contact the Law Offices of Richard E. Novak today to discuss the facts and circumstances surrounding your New Jersey traffic, intellectual property or business litigation matters.