A trade secret is any confidential information that has a commercial value and gives a business or individual a commercial advantage over other businesses.
Trade secrets can cover many things including commercial, industrial or manufacturing methods, practices or processes. It can also include things like customer lists, formulas, recipes or business strategies.
Trade secrets do not require registration and can last indefinitely, as long as they are kept secret.
Why and when would I need to think about trade secrets?
Trade secrets can be used as a valuable business tool and may form an important part of your commercial advantage. Knowing what you have, who owns it, how it is being exploited or exposed to risk, should be evaluated and documented.
You should consider talking to our expert team if you:
- Have confidential information that gives your business an economic edge
- Have developed a process, method, practice, recipe, product, formula or other information that cannot be protected through other IP rights
- Need to decide how to protect your confidential information
- Want to disclose a trade secret or confidential information to other businesses you might be working with or are releasing a product into the market.
How can AJ Park help me?
Our people are experienced in working with clients to identify and protect their valuable trade secrets. We can assist you with:
- Assessing your business, confidential information, and advising what confidential information you should protect
- Recommending the best way to protect your confidential information
- Preparing measures to keep your confidential information secret including confidential agreements or clauses for your employees or other businesses, and
- Protecting or enforcing your trade secrets if another party has breached them.
If you need plain English advice on trade secrets, get in touch with one of our experts below.