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Definition Of Trade Secret Under Texas Law In Middlesex
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Middlesex
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US-000289
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Ing to the UTSA, a trade secret is information that can include a wide range of data, such as formulas, patterns, compilations, programs, devices, methods, techniques, or processes. To qualify as a trade secret, this information is valuable because of secrecy and it is protected by efforts to maintain secrecy.
Texas courts have largely adopted the definition of trade secret from Section 757 of the Restatement of Torts: "A trade secret consists of a formula, process, device, or compilation which one uses in his business and which gives him an opportunity to obtain an advantage over competitors who do not know or use it." The ...
Trade secrets are information with potential or actual economic value that give a company a competitive advantage over its competitors. Trade secrets may differ across jurisdictions but have three common traits: they are not public knowledge, they offer some economic benefit, and they are actively protected.
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.
With patents, the information is disclosed to the public, making it available to competitors. This means others can use what is released to potentially find ways to design around the scope of the patent, but trade secrets allow companies to control exactly who has access to their most valuable information.
A patent would have only provided a 20-year monopoly, so Coca-Cola decided to safeguard the formula as a trade secret to secure the company's long-term growth. To this day, the formula remains a closely guarded trade secret in a vault in the U.S.
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.