Puerto Rico Sample Trade Secret Policy with Employee, Consultant, and License Forms
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How to fill out Sample Trade Secret Policy With Employee, Consultant, And License Forms?
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FAQ
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.
Under the Puerto Rico Trade Secret Act, which was co-drafted by one of Ferraiuoli' s attorneys, a trade secret is information that is: (i) valuable to a company, (ii) not generally known, and (iii) has been kept secret by the company.
While several recipes, each purporting to be the authentic formula, have been published, the company maintains that the actual formula remains a secret, known only to a very few select (and anonymous) employees. The recipe for Coca-Cola remains a closely guarded trade secret.
The secret formula for Coca-Cola, which is locked in a vault, is an example of a trade secret that is a formula or recipe. Since it has not been patented, it has never been revealed. The New York Times Bestseller list is an example of a process trade secret.
For example, customer lists are not considered trade secrets when the identity of the customers could potentially be discovered through public sources. However, identical information if not available through public sources could constitute a trade secret.
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.
