Colorado Sample Trade Secret Policy with Employee, Consultant, and License Forms
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How to fill out Sample Trade Secret Policy With Employee, Consultant, And License Forms?
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FAQ
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.
A trade secret can be any information of commercial value decided by a business, for example, food and beverage recipes, computer algorithms and client lists. In contrast, a patent may only be granted to an invention that satisfies the specific criteria set out above, e.g., the invention must satisfy an inventive step.
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.
Colorado's Uniform Trade Secret Act (UTSA) defines ?trade secret? as ?[T]he whole or any portion or phase of any scientific or technical information, design, process, procedure, formula, improvement, confidential business or financial information, listing of names, addresses, or telephone numbers, or other information ...
Examples of information that could be considered a trade secret include information such as, but not limited to, formula, pattern, algorithm, compilation, program, method, technique, customer lists, data sets or compilations, product road maps, pricing schedules, failed experimentation, or manufacturing processes.
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.
Trade secrets broadly fall into two categories: technical information such as manufacturing processes, recipes, chemical compounds etc. or, commercial information including lists of customers, product launch date, results of marketing studies etc.
Entering into non-disclosure agreements with employees, suppliers and partners, prohibiting the recipient from making unauthorized use or disclosure of confidential information; reviewing periodically which employees ?need to know? the trade secret information; and.