Washington 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
To be legally considered a trade secret in the United States, a company must make a reasonable effort in concealing the information from the public; the secret must intrinsically have economic value, and the trade secret must contain information. Trade secrets are a part of a company's intellectual property.
What qualifies as a trade secret? commercially valuable because it is secret, be known only to a limited group of persons, and. be subject to reasonable steps taken by the rightful holder of the information to keep it secret, including the use of confidentiality agreements for business partners and employees.
In general, a trade secret has three parts: (1) information (2) economic value from not being generally known by others, and (3) reasonable efforts have been taken to protect the trade secret.
Trade secrets encompass both technical information, such as information concerning manufacturing processes, experimental research data, software algorithms and commercial information such as distribution methods, list of suppliers and clients, and advertising strategies.
"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 ...
Six elements or factors have been proposed for use in determining whether information is a trade secret:** "(1) the extent to which the information is known outside of his business; (2) the extent to which it is known by employees and others involved in his business; (3) the extent of measures taken by him to guard the ...
Examples of information that could be considered a trade secret include information such as, but not limited to, formula, pattern, algorithm, compilation, program, method, technique, customer lists, data sets or compilations, product road maps, pricing schedules, failed experimentation, or manufacturing processes.
Similarly, in the United States Economic Espionage Act of 1996, "A trade secret, as defined under 18 U.S.C. § 1839(3)(A),(B) (1996), has three parts: (1) information; (2) reasonable measures taken to protect the information; and (3) which derives independent economic value from not being publicly known."