Trade Secrets
Local to Lynchburg, Roanoke, and Richmond, VIRGINIA | Serving CLIENTS Nationwide
INTELLECTUAL PROPERTY LAWYER
At Darkhorse Attorneys,
WHAT IS A TRADE SECRET
According to the United States Patent and Trademark Office (“USPTO”), a trade secret is:
- information that has actual or potential independent economic value by virtue of not being generally known;
- has value to others who cannot legitimately obtain the information; and
- is subject to reasonable efforts to maintain secrecy.
Put simply, trade secrets are pieces of information that provide an advantage to the owner over their competitors which would be lost if the information became common knowledge. For trade secret protection to exist, all three of the above elements must exist. If any of the three elements ceases to exist, the trade secret protection also ceases to exist. As such, it is incredibly important that business owners take every step possible to protect the trade secrets that allow their business to thrive and maintain an advantage over their competitors.
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HOW DO I PROTECT MY TRADE SECRETS?
Unlike with other forms of intellectual property such as copyrights or patents, the key to protecting a trade secret is to avoid disclosing it to the greatest extent possible and to ensure that proper measures are taken to limit who may know about it. Some common measures that may be taken include:
- Using non-disclosure agreements with all employees, partners, associates, or other connections that may learn of your trade secrets;
- Disclosing trade secret information exclusively on a need to know basis;
- Marking trade secret documents as confidential;
- Storing trade secret documents in a physically secure or password protected location.
This list is not comprehensive and often it is necessary to conduct a full audit of your business to determine if you have protectable trade secrets and to identify any places of potential risk or procedures that can be implemented in your business. If you believe that your trade secrets may be at risk, contact Darkhorse Attorneys today to schedule a consultation.
WHAT DO I DO IF SOMEONE TAKES MY TRADE SECRETS?
If you discover that someone else has misappropriated your trade secrets, contact Darkhorse Attorneys right away. Our attorneys have experience assisting businesses in the protection of their trade secrets against those who have unlawfully taken them. As the premier intellectual property law firm in Lynchburg, we custom tailor our approach to each trade secret matter we handle and are equipped to resolve your dispute through negotiation, mediation, or litigation where required. We cut no corners and make it a point to communicate with you clearly and promptly at every turn to ensure that you are well informed and have a clear understanding of your options as we move through your matter.
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