Michigan Sample Trade Secret Policy with Employee, Consultant, and License Forms
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How to fill out Sample Trade Secret Policy With Employee, Consultant, And License Forms?
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FAQ
In general, to constitute a trade secret under these various laws (which each have their own nuances), the information must (1) have economic value; (2) because it is not generally known; and (3) the owner has taken reasonable measures to keep the information a secret.
Trade secrets encompass both technical information, such as information concerning manufacturing processes, pharmaceutical test data, designs and drawings of computer programs, and commercial information, such as distribution methods, list of suppliers and clients, and advertising strategies.
Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed. In general, to qualify as a trade secret, the information must be: commercially valuable because it is secret, be known only to a limited group of persons, and.
For example, customer lists are not considered trade secrets when the identity of the customers could potentially be discovered through public sources. However, identical information if not available through public sources could constitute a trade secret.
Entering into non-disclosure agreements with employees, suppliers and partners, prohibiting the recipient from making unauthorized use or disclosure of confidential information; reviewing periodically which employees ?need to know? the trade secret information; and.
The secret formula for Coca-Cola, which is locked in a vault, is an example of a trade secret that is a formula or recipe. Since it has not been patented, it has never been revealed. The New York Times Bestseller list is an example of a process trade secret.
In general, a trade secret has three parts: (1) information (2) economic value from not being generally known by others, and (3) reasonable efforts have been taken to protect the trade secret.
While several recipes, each purporting to be the authentic formula, have been published, the company maintains that the actual formula remains a secret, known only to a very few select (and anonymous) employees. The recipe for Coca-Cola remains a closely guarded trade secret.