A trade secret is a secret of economic value to a business. Every business has trade secrets - internal processes, protocols, policies, parameters, documents, and customer lists. Trade secrets also include undisclosed inventions, formulas, and internally developed software. There is no registration process or limit of term for trade secrets. A trade secret's value is destroyed when the information gets out to the public and particularly to competitors. There are practical steps that should be taken to minimize risk of trade secret loss. There are also steps that can be taken to compensate for damage when a trade secret is used in an unauthorized manner.
Nissen Patent Law has extensive experience protecting the trade secrets of its clients through advice, contracts, and litigation. The largest risk to a business comes from its own employees, as such are most likely to become the competitors of their employers. Solid employment contracts help to avoid the unauthorized use of confidential information by exiting employees. As well, policies should be put in place to ensure that a company acquiring staff from another company does not infringe on the trade secret rights of the other company.