This form is a Trade Secret Acknowledgment and Termination Agreement signed by an exiting employee to note what particular confidential, proprietary, or other sensitive trade secret information he may have had access to or acquired knowledge of. The agreement also acknowledges that the employee understands his ongoing obligations in regards to this protected information.
Illinois Trade Secret Acknowledgment and Termination Agreement
State:
Multi-State
Control #:
US-TS9046B
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Trade Secret Acknowledgment And Termination Agreement?
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FAQ
Trade secrets are widely used by business. In fact, many companies rely heavily on trade secrets for the protection of their intellectual property (although in many cases, they may not even be aware that trade secrets are legally protected). Known examples are the Coca Cola formula and sources codes for software.
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.
Examples of trade secrets can include engineering information; methods, processes, and know-how; tolerances and formulas; business and financial information; computer programs (particularly source code) and related information; pending, unpublished patent applications; business plans; budgets; methods of calculating ...
The NDA ensures your secrets remain secret, and if they do not you have legal recourse against the person or entity that disclosed them. When an NDA is violated, you can ask the court to enjoin the party responsible from infringing or misappropriating your trade secrets, and you can sue for any resulting damages.
Make sure to end employee's access to company's confidential information like emails, accounts, etc. One best practice is to conduct an exit interview with each departing employee. During the interview, remind the employee of ongoing obligations to the company and ask them to acknowledge this in writing.
Prospective Franchise Owner acknowledges and agrees the Confidential Information is a valuable trade secret of the Company and that any disclosure or unauthorized use thereof will cause irreparable harm and loss to the Company.
"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 ...
The Illinois Trade Secrets Act defines a trade secret as information that: Includes: ? technical or non-technical data; a formula; ? a pattern; ? a compilation; ? a program; ? a device; ? a method; ? a technique; ? a drawing; ? a process; ? financial data; or ? a list of actual or potential customers or suppliers.
