New York Agreement Not to Disclose Trade Secrets
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FAQ
New York State does not have any statutes covering trade secrets and is one of only two states that have not adopted the Uniform Trade Secrets Act. Instead, all trade secret protection in New York comes from the common law.
A trade secret is a particular type of commercially valuable confidential information that gives the owner a competitive advantage.
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.
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.
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.
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.
Trade secrets in New York are defined as follows: "A trade secret consists of a formula, process, device, or compilation which one uses in his business and which gives him an opportunity to obtain an advantage over competitors who do not know or use it."
Anything that is easily and completely disclosed by the mere inspection of a product put on the market cannot be a trade secret.
Since trade secrets are not made public, unlike patents, they do not provide defensive protection, as being prior art.
If your company wants to protect its trade secrets, it is essential to properly document them in either paper or electronic form. This process is important because it can provide evidence that your business viewed and treated the information as secrets.
