Massachusetts Agreement Not to Disclose Trade Secrets
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FAQ
Trade secrets may be disclosed during meetings between parties. Ideally, such disclosures are made under a confidential disclosure or nondisclosure agreement, and should always reveal only as much trade secret information as is required under the circumstances.
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.
With its broad definition of eligible subject matter, trade secret law protects a wide range of valuable information, including information that would not be eligible for protection under existing patent, trademark, or copyright law.
A trade secret can also be revealed legally, and you have no recourse in this case, even if it was not your intention to reveal it. Illegal disclosure may be made by people who: Used illegal means, such as theft or bribery, to obtain the information.
Contrary to patents, trade secrets are protected without registration, that is, trade secrets require no procedural formalities for their protection. A trade secret can be protected for an unlimited period of time, unless it is discovered or legally acquired by others and disclosed to the public.
Trade secret protection lasts for as long as the secret is kept confidential without any statutory limitations period. However, once a trade secret is made available to the public, trade secret protection ends.
Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed. In general, to qualify as a trade secret, the information must be: commercially valuable because it is secret, be known only to a limited group of persons, and.
Since trade secrets are not made public, unlike patents, they do not provide defensive protection, as being prior art.
This is a relatively simple legal agreement between a company and a counter-party of that company to exchange information, for the purpose of a project, marketing campaign, R&D or sourcing, etc.
Trade Secrets Act This statute, enacted in 1948, is actually of narrow applicability. It forbids federal government employees and government contractors from making an unauthorized disclosure of confidential government information, including trade secrets.
