Trade Secret Protection and Enforcement
Businesses are built and prosper every day with information that others either don’t know or don’t have access to. If your information has value because it is unknown, you need to be sure you know how to protect it. Trade secrets can be incredibly valuable and form the entire foundation of a business. They can also be incredibly easy to lose. Caution and tight control are paramount.
Trade secrets come in many forms:
- Information Compilations
- Customer Lists
- Parent seed lines
The list goes on. The Coca-Cola recipe is the classic trade secret example. Trade secrets hold value, and therefore are important to businesses, as long as they remain secret.
In many businesses, it is just not practical to keep trade secrets under lock-and-key in a super-secure vault. You may need to utilize outside suppliers for ingredients, engineers for components, or outside manufacturers for scaled production. Often times, employees must have access to trade secrets to perform their roles. This is where we can help – by preparing specifically tailored Confidentiality Agreements and Non-Compete Agreements. These agreements protect your secrets by addressing the following:
- Tightly defining what information can be accessed;
- Specifying who can access the information;
- Firmly restricting how the information can be used;
- In the case of a Non-Compete Agreement spelling out a scope, such as time frame or geography;
- Providing a solid set of remedies, including injunctive relief, monetary damages, and costs.
Well-crafted Confidentiality and Non-Compete Agreements form the front-line protection for your valuable information. We also won’t hesitate to protect your trade secrets in Court when someone tries to steal them.