Companies in Denver, Colorado, are understandably concerned about protecting their trade secrets. Although not all trade secrets are as renowned as the formula for Coca-Cola or the recipe for Colonel Sanders chicken, most businesses have proprietary information that they do not want released to the public. This could include things like the methods they use to carry out their business and manufacturing techniques.
Forty-eight states, as well as a number of U.S. territories, have adopted the Uniform Trade Secret Act. This act defines what a trade secret is and the responsibility of the owner of that secret to protect their information.
Trade secrets differ from other types of intellectual property. Certain patents have an expiration date, but this is not so with trade secrets. There is no governmental institution that a person needs to register their trade secrets with. An individual or a business has the rights to their trade secret as long as they do not make said secret known to the public. Once a trade secret becomes publicly known, the owner of that trade secret no longer has rights to it.
One of the steps that business owners can take to protect their trade secrets is to keep valuable information away from those who do not have the right to know it. Nondisclosure agreements can outline what information should be kept secret. Businesses should take steps to protect their data network to avoid having their information leak out to the public.
If another entity acquires a business’s trade secrets with espionage, the secret holder is not penalized. A commercial law attorney may be able to help their clients protect their intellectual property through arbitration and litigation. The attorney may help the client understand the complex law surrounding trade secrets and work to protect them from any violation of their intellectual property rights.