What is a trade secret?
A
trade secret is generally any formula, pattern, device or
compilation of information which is used in one’s
business, and which gives one an opportunity to obtain an
advantage over competitors who do not know or use it.
The statutory and common law of trade secrets and
unfair competition serve to protect those assets which give
a business a competitive advantage and that a business takes
reasonable precautions to protect.
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What are some examples of trade secrets?
Typical
examples would include customer lists, secret recipes,
secret chemical processes, product sourcing lists,
spreadsheets, business plans, lists of telephone numbers and
business contacts.
Unlike patents, trade
secret law can protect a variety of ideas—even concepts
that may not be patentable.
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How
long can trade secrets last?
How
long can a business keep a secret?
The benefit of a trade secret is that it could last
indefinitely, so long as reasonable precautions are taken to
protect it as such. The downfall is that if someone figures
out your secret by "reverse engineering" or other
fair means, you can lose the right to prevent them from
using the technology.
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What issues are involved in trade secret
litigation?
In
trade secret litigation, the issues are generally whether
the information was truly "secret," whether
precautions were taken to protect information as
proprietary, whether there were any unfair actions of the
defendant, and establishing and proving the proper measure
of damages. In Houston,
Texas, Buche & Associates,
P.C. can help your business devise steps to protect
intellectual property rights to non-patented, although
valuable technologies.
We are well versed in handling litigation involving
unfair competition, misappropriation of confidential
information, and trade secret theft. Do
not hesitate to contact us for a free
initial consultation.
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