Indiana Trade Secret Policy Manual with Employees, Consultants, and Licensees
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How to fill out Trade Secret Policy Manual With Employees, Consultants, And Licensees?
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FAQ
Anything that is easily and completely disclosed by the mere inspection of a product put on the market cannot be a trade secret.
Examples of trade secrets include:KFC's secret blend of 11 herbs and spices.Coca-Cola's recipe for their signature drink.Google's search algorithm.McDonald's Big Mac special sauce.Secret client lists at any company.
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.
There are typically three essential elements to a trade secret claim:The subject matter involved must qualify for trade secret protection (see "Scope" below for more on this)The holder of the subject matter must establish that reasonable precautions were taken to prevent disclosure of the subject matter.More items...
Below we discuss the three elements of a trade secret, listed above.(1) The information is secret.(2) The information confers a competitive advantage.(3) The information is subject to reasonable efforts to keep it secret.
As regards confidentiality, it was held that every customer list cannot qualify as confidential information or a trade secret unless the confidentiality around such a list is of economic value/business value/commercial value.
A trade secret: is information that has either actual or potential independent economic value by virtue of not being generally known, has value to others who cannot legitimately obtain the information, and. is subject to reasonable efforts to maintain its secrecy.
Develop policies and systems to protect trade secretsKeep an updated inventory of your trade secrets and other intellectual property.Store trade secrets securely, locking up tangible information and providing appropriate protection for computer-based systems.Limit access to trade secrets on a need to know basis.More items...
Popular examples of trade secrets include the recipe for Coca-Cola and the formula for WD-40. Trade secrets may also include items that an individual or company has not chosen to patent yet, such as a new plant hybrid or mechanical invention.
Trade Secrets and Former Employees: Memorized Client Lists Can Still Be Protected as a Secret. The Supreme Court of Ohio has ruled that the use of a memorized client list by a former employee can constitute a trade secret violation.