There are many laws both federal and state that protect trade secrets. Most conform to the Uniform Trade Secrets Act which imposes both civil and at times criminal penalties. If you steal someone’s trade secrets and use them to make money for you and try to put your competitor out of business at the same time, this is a real problem and can result in monetary awards to the other party.
Trade secrets are valuable information that your company uses to function which is not available to the public and kept confidential. To claim it is a trade secret it must not be available to every employee and classified as “top secret”. There is only a few people privy to information and not the entire workforce. Many companies require key level employees to sign an agreement holding them personally liable for the release of information. These are key when a violation of a trade secret is alleged. Remember to keep your trade secrets secret.
Revolution Law Group is located in Greensboro, NC, and serves individuals and small businesses throughout the Triad and surrounding areas. To contact us please visit Revolution.law or call 336-333-7907.
The information included here is for informational purposes only, is not exhaustive of all considerations when creating documents, is not intended to be legal advice, and should not be relied upon for that purpose. We strongly recommend you consult with an attorney and do not attempt to create your own documents.