One of the most valuable assets of any business is the “how-to”. Whether it is website development codes, the secret recipe for making the muffins, or special techniques; how you do things, your trade secrets, can be your most valuable business asset. When entering into employment relationships, you may ask employees to sign a confidentiality agreement. You may ask vendors and suppliers to sign confidentiality agreements.
But what if you didn’t? What if you don’t have a confidentiality agreement? Can you still prevent others from using your trade secrets? Yes. Maybe you can! Even in the absence of the confidentiality agreement you may be able to prevent others from taking, using, selling, or disclosing your trade secrets. Most states [with the exceptions of Massachusetts and New York] have enacted trade secret laws that prevent the improper use and disclosure of the trade secrets.
So does that mean that you forever more forget about getting confidentiality agreements from your employers, your vendors, your suppliers? No. There are true benefits to having a confidentiality agreement. With a confidential you can craft an agreement that specifically protects what is valuable to you and carves-out remedies and safeguards that protect your business. You don’t have to rely on a catchall state statue and hope it protects you.
Not sure what constitutes your trade secrets and what you can do to protect them? Watch the video.
August 9th marks the 34th anniversary of the uniform trade secret act. Want to know what you can do to protect your trade secrets and confidential information? Request a copy of our tip sheet! Send me a message below. Tell me want a tip sheet on how to protect your trade secrets.