As a strong competitor in your industry in California, you have worked relentlessly to develop trade secrets that have given you an edge on your competition. As such, you have carefully trained your employees who have access to this confidential information to protect its sensitivity and privacy. However, it is imperative that you plan for the worst-case scenario so you can be prepared should such valued information ever become compromised.
According to the United States Patent and Trademark Office, a trade secret such as the one you are working tirelessly to protect, can take on a variety of forms including the following:
Should a competitor ever find out your trade secret and begin using it to further their initiative, you may be awarded damages to a degree. Courts may also require that the entity that misappropriated the information be required to pay your company a royalty for using your idea or to implement measures designed to protect the trade secret from being discovered by anyone else. What you should always remember is that misappropriation only covers unauthorized disclosure. However, if your trade secret is discovered because you have failed to implement proper protection policies, any damages suffered, as a result, may not be covered by trade secret protection.
If your trade secret has been compromised or you are interested in finding out how you can better protect your intellectual property, visit our web page. The information in this article is intended for educational purposes only and should not be taken as legal advice.