A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors. A company can protect its confidential information through non-compete and non-disclosure contracts with its employees, independent contractors and business partners. But if you don’t take the right steps to protect your trade secrets, you may pave the way for a third party to use your secrets.
- Have you adopted procedures that demonstrate that you place a value on certain documents, information or processes that are proprietary to your business?
- Do your inventors sign non-disclosure and non-compete agreements to protect your trade secrets?
- Do your employees or inventors sign over rights of ownership to works produced during the course, or as a condition, of their employment?
- Do you conduct exit interviews with employees to ensure that they do not take or use your trade secrets for the benefit of their next employer?
- Has a former employee gone to a new company that is now using your trade secrets?
THE FRANCIS COMPANY advises you regarding these trade secret issues and more to ensure you protect what’s yours from third party theft.