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.
Massachusetts Trade Secret Acknowledgment and Termination Agreement
State:
Multi-State
Control #:
US-TS9046B
Format:
Word;
PDF;
Rich Text
Instant download
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How to fill out Trade Secret Acknowledgment And Termination Agreement?
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FAQ
"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 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.
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 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.
Injunctive Relief: Massachusetts law gives a court the power to restrain the defendant from "taking, receiving, concealing, assigning, transferring, leasing, pledging, copying or otherwise using or disposing of a trade secret, regardless of value." See Mass. Gen. Laws ch. 93, § 42A.
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.
[24] Misappropriation occurs where a trade secret is acquired by a ?person who knows or has reason to know that the trade secret was acquired by improper means.?[25] ?Improper means? is defined as ?theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy, or espionage through ...
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 ...
