Working to Defend Saint Louis Trade Secret Law
A trade secret must remain secret to be truly valuable. This is because the business that owns the trade secret derives economic benefits through the exclusive marketing of that valuable, proprietary information.
Trade secrets are a key ingredient to overall economic vitality. But once a trade secret is disclosed, trade secret law no longer protects it. For this reason, trade secret owners work hard to keep proprietary information out of the hands of competitors. A trade secret can be protected in the following ways:
- Non-disclosure ageements, also known as NDAs
- Non-compete agreements and clauses
- Strategic alliances and licensing agreements
Companies routinely require employees and vendors to sign agreements stating that they will not divulge trade secrets they come to know on the job. Violation of NDA and non-compete agreements can carry stiff financial penalities that serve as a deterrent to revealing or stealing trade secrets.
Recovering from Saint Louis trade secret theft
Trade secrets protect special, proprietary knowledge, such as marketing strategies or formulas. To be a trade secret, the following three statements must hold true:
- The public does not know the information
- There is an economic benefit or value for its owner
- The owner makes reasonable efforts to maintain its secrecy
Unlike patents that are in effect for 20 years, trade secret protections never expire. On the downside, there is no minimum timeframe during which the trade secret is guaranteed protection if it is disclosed.
The basis for trade secret law is the Uniform Trade Secrets Act, which was adopted by most American states. The Economic Espionage Act of 1996, which criminalizes theft of trade secrets for commercial or economic purposes, is also used to protect Saint Louis trade secrets.
If competitors steal trade secrets, the owners must be able to prove that they made reasonable efforts to protect the confidentiality of the information, such as shredding documents or storing them in safes, to receive monetary compensation or get an injunction. If they cannot prove efforts to maintain confidentiality, their trade secrets can be lost even if their competitors obtained them illegally.
Contact us today for experienced IP legal services
If you are looking for competent Saint Louis trade secret law firm, Allan & Summary, L.C. has more than 35 years of legal experience defending the rights and interests of businesses.
At Allan & Summary, L.C., we base payment rates and hours of availability on client needs and provide free initial consultations for all types of cases. For experienced, personalized legal service, contact Allan & Summary, L.C. today.
