Trade Secrets
Trade secrets can be various kinds of information that is valuable to a company and should be kept secret. Well managed trade secrets can preserve a company's unique market position and therefore be an important business tool.
When is information considered a trade secret?
To qualify as a trade secret, the information must not be publically known or readily accessible to a wide circle of persons, it must be comercially valuable because it is a secret and the information must be subject to reasonable steps taken by the rightful holder to keep it secret.
When is information considered a trade secret?
To qualify as a trade secret, the information must not be publically known or readily accessible to a wide circle of persons, it must be comercially valuable because it is a secret and the information must be subject to reasonable steps taken by the rightful holder to keep it secret.
What type of information is not considered a trade secret?
Experience or skill that an employee has gained, while doing conventional work, will not be considered a trade secret. The same applies to information that is publically known or readily accessible.
Managing trade secrets
It is important to define and keep track of what information could qualify as trade secrets and take the necessary steps to keep them secure. Those steps may include limiting access to the information so that it is only accessible to those that need access. Non-disclosure agreements and secrecy clauses in employment contracts are also viable tools in managing trade secrets.