Trade secrets, often related to manufacturing signature products, are confidential unregistered and undisclosed business information that gives you an edge over competition. Unlike copyright and patent which have a finite timeline of exclusivity, a trade secret can last forever so long as it’s kept that way. Even if you do your best to keep your secrets safe, there are some practices that should be done to ensure your trade secrets are both guarded and protected in a legal sense.
You don’t register a trade secret; however, it’s important to know your business may have more trade secrets than you imagine. If you’re not identifying your trade secrets and taking measures to protect them, they can wind up in the public domain, causing losses and lost opportunity. Companies often deploy confidentiality, nondisclosure, and noncompetition agreements to help protect trade secrets, but there are other measures you may need to take to protect your trade secrets. Trade secrets won’t prevent someone else from naturally discovering the same idea and using it on their own, but they do help prevent someone from illegally using your trade secret such as through theft.
Pederzani Law can review your business plan and ideas to help identify trade secrets and safeguarding strategies, ensuring you have the proper language in contracts to help protect your trade secrets from inadvertent or intentional disclosure.