Idaho Checklist for a Trade Secret Policy
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How to fill out Checklist For A Trade Secret Policy?
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FAQ
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.
But to better understand how you can leverage trade secrets for your business, let's look at some notable examples of trade secrets from different industries. Google's Search Algorithm. ... Coca-Cola's Coke Syrup Formula. ... KFC's Original Recipe. ... McDonald's Big Mac Special Sauce. ... WD-40's Multi-use Product Formula. ... Patents.
The following tips are for small businesses that wish to protect their trade secrets: Identify What Needs Trade Secret Protection. ... Label Documents That Contain Protected Information. ... Monitor Information Storage. ... Secure Computers. ... Maintain Secrecy With Outside Vendors. ... Provide Adequate Security.
To prove a trade secret misappropriation claim, the plaintiff must establish the following elements: The plaintiff has some valuable business information that was kept secret. The plaintiff made reasonable efforts to maintain its secrecy. The information isn't generally known.
"Trade secret" means any method, technique, process, formula, program, design, or other information that can be used in the course of production, sales, or operations that can also meet the following three requirements: (1) it is not known to persons generally involved in the information of this type; (2) it has actual ...
In general, to constitute a trade secret under these various laws (which each have their own nuances), the information must (1) have economic value; (2) because it is not generally known; and (3) the owner has taken reasonable measures to keep the information a secret.
Your company's trade secrets ? in paper or electronic format ? should be accompanied by a confidentiality notice. Each page should be stamped ?Confidential.? The notice should notify all parties that the document includes trade secrets and that access to the information is limited by your business.