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The three elements that are required to have a trade secret are as follows: It bestows a competitive lead on its owner. It is subject to sensible endeavor to control its secrecy. It is confidential in nature.
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.
First, the defendant must have stolen or otherwise obtained without authorization the item in question. Second, the defendant must have known that the stolen information as proprietary. Third, the information must have in fact been a trade secret as previously defined by Section 1839.
Though the company may not wish to document some trade secrets for fear that some important secrets may be omitted from the documentation process, the better approach, on balance, is to spend time identifying trade secrets and to document their secret status and the value that their secret status confers on the company ...
Elements of a Trade Secret Claim The holder of the subject matter must establish that reasonable precautions were taken to prevent disclosure of the subject matter. The trade secret holder must prove that the information was misappropriated or wrongfully taken.
It must have commercial value because it is secret; and. It must have been subject to reasonable steps under the circumstances, by the person lawfully in control of the information, to keep it secret.
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.
Trade secrets may differ across jurisdictions but have three common traits: not being public, offering some economic benefit, and being actively protected.