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In Florida, a trade secret is defined as information, including a formula, pattern, compilation, program, device, method, technique, or process that (1) derives independent economic value from not being generally known to and not readily ascertainable by others who can obtain economic value from its disclosure or use ...
To be legally considered a trade secret in the United States, a company must make a reasonable effort in concealing the information from the public; the secret must intrinsically have economic value, and the trade secret must contain information. Trade secrets are a part of a company's intellectual property.
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 encompass both technical information, such as information concerning manufacturing processes, experimental research data, software algorithms and commercial information such as distribution methods, list of suppliers and clients, and advertising strategies.
The statute defines a ?trade secret? as ?[i]nformation, including a formula, pattern, compilation, program, device, method, technique, or process that: (a) Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons ...
Florida's Trade Secrets Law Derives potential or actual independent economic value from not being generally known by others who could obtain economic value from its use or disclosure. Is the subject of efforts considered reasonable under the circumstance to maintain its secrecy.
The Uniform Trade Secrets Act (UTSA) is the most widely used state law for protecting trade secrets in Florida. The act protects a wide range of business information, including: Competitively sensitive information, such as manufacturing processes or product designs.
In Florida, misappropriating trade secrets is a civil offense when someone uses or discloses another person's trade secrets without authorization. In addition, Florida's Uniform Trade Secrets Act (UTSA) provides legal protection for trade secrets.
Description. The Uniform Trade Secrets Act (UTSA) provides a legal framework for improved trade secret protection.
815.045 Trade secret information. ?The Legislature finds that it is a public necessity that trade secret information as defined in s. 812.081 be expressly made confidential and exempt from the public records law because it is a felony to disclose such records.