Secrets

What secrets may be protected?
Personal and business secrets may be protected by contract.  Business secrets are afforded added protection by state law.

What is a business secret?
A business secret is a formula, practice, process, design, instrument, pattern, or compilation of information used by a business which is not generally known or reasonably ascertainable by others and by which the business obtains an economic advantage over competitors or customers.  Reasonable efforts must be taken to maintain its secrecy.  Examples include customer lists and product formulations.

How are business secrets protected?
Generally, business secrets are protected by Employee Invention and Secrecy Agreement, Confidential Disclosure Agreements, Non-Disclosure Agreements and non-compete clauses.  Under state law, one is liable for industrial espionage and improperly acquiring the business secrets of another.

How are personal secrets protected?
Generally, contract is the only means of maintaining secrecy when disclosing your ideas to another.  A Confidential Disclosure Agreement will aid in keeping honest people honest and help prevent ambiguity.

Palomar Patent can aid with agreements and procedures to maintain secrecy.

 

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