Washington Trade Secret Policy Manual with Employees, Consultants, and Licensees
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How to fill out Trade Secret Policy Manual With Employees, Consultants, And Licensees?
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FAQ
Trade Secrets and Former Employees: Memorized Client Lists Can Still Be Protected as a Secret. The Supreme Court of Ohio has ruled that the use of a memorized client list by a former employee can constitute a trade secret violation.
Anything that is easily and completely disclosed by the mere inspection of a product put on the market cannot be a trade secret.
A trade secret policy is a rule that protects private business information that gives a business an edge over its competitors. This includes marketing strategies, software, methods of distribution, pricing, consumer data analysis, and so on.
The most common and most effective way to protect trade secrets is through use of nondisclosure agreements (NDAs). Courts have repeatedly reiterated that the use of nondisclosure agreements is the most important way to maintain the secrecy of confidential information.
Popular examples of trade secrets include the recipe for Coca-Cola and the formula for WD-40. Trade secrets may also include items that an individual or company has not chosen to patent yet, such as a new plant hybrid or mechanical invention.
Information that can be kept as a trade secret includes formulas, patterns, compilations, programs, devices, methods, techniques, or processes. Some examples of trade secrets include customer lists and manufacturing processes. The economic value of the information can be actual or potential.
A trade secret: is information that has either 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 its secrecy.
As regards confidentiality, it was held that every customer list cannot qualify as confidential information or a trade secret unless the confidentiality around such a list is of economic value/business value/commercial value.
The holder of the subject matter must establish that reasonable precautions were taken to prevent disclosure of the subject matter. The trade secret holder must prove that the information was misappropriated or wrongfully taken.
A trade secret: is information that has either 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 its secrecy.