Trade Secrets

Business information can be legally protected through Trade Secrets. Consult with our business-savvy attorneys and they can help you determine if what steps to take to make sure you are protected.

Trade Secret NDA

What Is A Trade Secret?
Traditionally, trade secrets are legally protected information usually held by companies, secrets including formulas, patterns, compilations, programs, devices, methods, techniques, and processes. To meet the common definition of a trade secret, (1) there must be information, (2) the owner must have taken reasonable measures to protect the information, and (3) the information must derive independent economic value from not being generally known by the public. (18 U.S.C. § 1839(3)).

One big difference between trade secrets and its intellectual property counterparts—copyrights, trademarks, and patents—is that there is no set time limit for protection. However, once a trade secret is lost, it is lost for good. This means that once the confidential information is disclosed and no longer remains a secret, then that information’s trade secret status will be forever lost and unrecoverable. Of course, this is not to say there are no means for protection regarding trade secrets.

Trade Secret v. Patent Protection: What’s the Difference?

How Bold Patents Does Trade Secrets:

Trade Secret Identification: Know what you know! Business-savvy Bold Patents attorneys will conduct one or more detail Trade Secret identification consultations, preferably on-site in order to identify whether there is anything we would recommend seeking trade secret protection for.

Trade Secret Maintenance: Keep it Secret! Bold Patents Attorneys come on-site to educate and provide practical advice customized for your business for how to maintain one or more trade secrets given the law in the State. Our attorneys can craft customized Non-Disclosure Agreements, or Non-Compete Agreements to assure proprietary trade secret information does not leak outside of your company and in the hands of your competitors.

Read about the “Defend Trade Secrets Act” (DTSA), signed by President Obama on May 11th, 2016

Awareness & Education

Here the Firm may provide a suite of different Trade Secret educational programs. It may include face-to-face classroom type training on Trade Secrets, the design and development of online tutorials about Trade Secrets as well as one-to-one coaching and mentoring of key individuals within the organisation about Trade Secrets and associated matters. It is important that the Firm is in tune with the culture of the business and the educator knows how to communicate using the terms and values key to the business.

Assessments / Audits

In essence, this specific service offering amounts to auditing a company and its relations with its employees and other companies from a Trade Secret asset management perspective. The audit can be performed to provide independent assurance that an organization’s governance and internal control processes are operating effectively. It can also act as an evidence gathering process for a number of purposes including, for example, preparing for a potential litigation, a monetization program, and as an M&A IP Due diligence exercise.

Such a service offering provides the Firm with the opportunity to really get to know the business as Trade Secrets are typically not concentrated in one or two functions but spread across the organization.

Policies

This particular service offering by a Firm may consist of helping the business to design and deploy a robust fit for purpose trade secret policy. The service may also include sanity checking that such a policy aligns with other policies in the organization such as data protection.

System & Tools

In this particular service offering, the Firm may assist the business to first identify a robust fit for purpose Trade Secret asset management solutions. The Firm may then support the business as it installs, configures and takes such solutions into use.

Valuation

Here the Firm may conduct valuation exercises of the Trade Secrets within the business. The Firm may also wish to support the business in tracking the costs associated with managing the Trade Secrets within the organization. The Firm should also note that these costs and valuations will change over time.

Such a service provides the Firm with the ideal opportunity to interact with the Finance & Tax function within a business.

IP Insurance

A number of IP Insurance Providers now offer creative and innovative solutions in this area. Such insurance products typically break down into three categories.

  • Defensive cover if the company is pursued for unlawfully disclosing or using a Trade Secret.
  • Cover for pursuit or enforcement exposures, including around contractual liabilities and/or disputes related to Trade Secrets.
  • Potential business interruption type cover for the loss of profits should a Trade Secret be lost and/or damaged.

Kind Words from the Bold

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