Keeping your edge amongst competitors means understanding and protecting the elements that make your business unique. Since trade secrets are not publically registered, specific steps must be taken to ensure that they are protected and legally defensible. The attorneys at Overhauser Law Offices are experts in trade secret law, and can help you safeguard and defend your valuable intellectual assets when you contact us.
FAQs About Trade Secrets
What is a Trade Secret?
A trade secret is confidential information or classified information that can give a company an advantage over its competitors.
There are three basic elements to trade secrets:
1.) It is information not generally known to the public.
2.) It endows some sort of economic benefit on its holder.
3.) It is the subject of reasonable efforts to maintain its secrecy.
How can I protect my Trade Secrets?
Trade Secrets are not registered the same way Trade Marks and Patents are registered and protected. A company must draft Non-Disclosure Agreements or Non-Compete Clauses to help maintain their Trade Secrets. Overhauser Law Offices recommends that one of our competent attorneys draft these documents for your business.
What is a Non-Disclosure Agreement Contract?
This is a contract (aka: confidentiality contract) drawn-up by a company and signed by its employees thereby discouraging employees from divulging the company's trade secrets. Non-Disclosure Contracts are recognized in the courts as legally binding contracts allowing the contract holders to sue with stiff penalties when there has been a breach of contract. Usually the risk of these penalties is enough to deter any employee from illicit disclosure.
What steps do I take when I believe that someone has abused my Trade Secrets?
Contact an attorney to help you decide if there are legal grounds to prosecute. There are laws that protect businesses even when those businesses do not have Non-Disclosure and Non-Compete Contracts. You must be aware of the laws in your state regarding trade secret infringement, as each state is different. The attorneys at Overhauser Law Offices know these laws, and will help you choose the best course of action when you contact us.