Wake North Carolina Sample Trade Secret Policy with Employee, Consultant, and License Forms

Name: Wake North Carolina Sample Trade Secret Policy with Employee, Consultant, and License Forms
Brand: US Legal Forms
Rating: 4.87 (490 reviews)

Category:

Technology - Trade Secrets Protection

State:

Multi-State

County:

Wake

Control #:

US-CP0605AM

Format:

Instant download

Description

This sample form, a detailed Sample Trade Secret Policy with Employee, Consultant, and License Forms document, is for use in the computer, internet and/or software industries. Adapt to fit your circumstances. Available in Word format.

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Label as SECRET or CONFIDENTIAL any documents that contain or reflect trade secret information. Limit the circulation of such documents.

Your company's trade secrets in paper or electronic format should be accompanied by a confidentiality notice. Each page should be stamped Confidential. The notice should notify all parties that the document includes trade secrets and that access to the information is limited by your business.

Since a trade secret license agreement, like any license agreement, can transfer whatever is negotiated between two parties, the licensor can provide the licensee with the entire contents of a trade secret or omit key ingredients or steps in the process.

If your company wants to protect its trade secrets, it is essential to properly document them in either paper or electronic form. This process is important because it can provide evidence that your business viewed and treated the information as secrets.

Unlike other forms of IP, trade secrets do not need to be legally registered to be legally protected. Instead, you should use internal classification systems to avoid the public disclosure associated with patents and other forms of IP protection.

Trade secrets may differ across jurisdictions but have three common traits: not being public, offering some economic benefit, and being actively protected.

To be a trade secret, the information must not be generally known to the public, industry competitors, or others who could realize economic value from its disclosure or use. Knowledge of the information in question by even a very small number of outsiders (say, one key person) can deny or destroy trade secret status.

Below we discuss the three elements of a trade secret, listed above. (1) The information is secret.(2) The information confers a competitive advantage.(3) The information is subject to reasonable efforts to keep it secret.

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.

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Wake North Carolina Sample Trade Secret Policy with Employee, Consultant, and License Forms

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How do I label a trade secret?

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Do trade secrets require registration?

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