A trade secret can often be described as something that gives your business an advantage over the competition. However, not everything that your business can do is considered a trade secret. If you are unsure about whether or not some information used by your company can be considered a trade secret, the Long Island, NY commercial litigation lawyers from our firm may be able to help.
What Are the Requirements to Be a Trade Secret?
A trade secret can be a formula used to make a product, a specific manufacturing process used, a recipe, or some kind of formula. A list of customers can even be considered a trade secret. If it helps your business do something in a way that can set it apart, it can probably be classified as a trade secret.
It also needs to meet some other specific criteria though. To be considered a trade secret, it must be something:
- Known to few people
- Commercially valuable
- A business has obviously worked to keep secret
- The company invested plenty of time, effort, and money into developing
- Difficult to duplicate without inside information
When something is considered a trade secret, the United States government has an obligation to protect it. It becomes an intellectual property, even though it is not something that would be registered with a government like a copyright or trademark. That means that an organization or an individual found to have violated the trust of a company and spread trade secrets could be held liable for their actions in court. If a trade secret is used without any kind of authorization, the business that owns the intellectual property can be entitled to damages and royalties.
When Do I Need Commercial Litigation Lawyers?
Our commercial litigation lawyers could be helpful in a few different situations. We can help you:
- Make sure that your trade secrets are adequately protected
- Seek damages when you believe your trade secrets have been spread or misused
- In any dispute concerning your trade secrets and any other intellectual property
- Draft enforceable non-compete and non-solicitation agreements that can protect your IP when employees move on to different jobs and companies
If you are serious about protecting your property and the things that make your business unique and viable, you should have an experienced commercial litigation lawyer by your side.
Contact Our Knowledgeable Legal Team
If you have any questions about how to protect your business, trade secrets, and everything else, please contact David A. Gallo & Associates, LLP. We can set up a consultation and talk more about your legal needs and how our commercial litigation lawyers could be of assistance. Do not wait until it is too late. Make sure that you and your business are legally protected now.