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Definition Of Trade Secret Under Texas Law In Travis
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Travis
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US-000289
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However, in general, trade secrets are confidential information that is: not generally known among or accessible to individuals within the relevant business sector; commercially valuable because it is secret; and. subject to reasonable steps taken by the rightful holder of the information to keep it secret.
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.
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.
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.
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 ...
To enjoy trade secret protection, the above mentioned three criteria (i.e., secrecy, commercial value because of the secrecy, and reasonable steps taken by trade secret holders to maintain secrecy) must be complied with (see section 2.1 for the criteria to be met).
Client lists, customer data, and methods of operation can all be set up as trade secrets because they were created by a business for their own benefit. Most companies can turn their business plans and data into trade secrets if: They can prove there have been “reasonable efforts” to keep the information confidential.
A Trade Secret requires three elements: measures to maintain secrecy, inability for others to legally obtain the information, and economic value due to being generally unknown. These elements protect valuable information crucial for a business's competitive advantage.