What are Trade secrets?
Trade secrets are granted to companies and individuals to protect confidential information (including a formula, pattern, compilation, program, device, method, technique, or process) that would be valuable to others if disclosed, such as soft drink formulas, customer lists, restaurant recipes. Protection is granted by applicable state and federal laws (Uniform Trade Secrets Act) and lasts as long as the owner takes precautions to preserve the information as secret.
A trade secret is a formula, practice, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers. Such secrets are sometimes referred to as “confidential information” or “classified information”.
