As a business, trade secrets are likely THE most important thing for you to protect. Firstly, let’s explain what a trade secret is and why it may be important for your business to register as having them.
In essence, a trade secret is some form of information with inherent economic value which comes from not being publicly available, and that you have taken reasonable measures to keep secret. Not all trade secrets have their existence itself hidden – for example, KFC proudly boasts of its 11 herbs and spices, but keeps what they are a trade secret. The same goes for Coca-Cola, which makes sure to publicly note that its formula is a secret. Though, KFC may have gone slightly overboard with the “reasonable measures” part of the law – their recipe, including the 11 herbs and spices, is kept in a 350kg vault with massive reinforced concrete walls. If your business has a trade secret, you don’t need to do something as secure as this, but it’s still important to take reasonable measures.
Trade Secrets are automatically protected legally, however, it’s never a bad idea to consult our experts to make sure your measures count as “reasonable” under the law, and if the worst happens and your trade secrets are stolen, to be able to prosecute the thieves to the full extent of the law. If your business works with suppliers or other people, it may be prudent to create and require them to sign an NDA – non-disclosure agreement – to have stronger legal recourse if the trade secret is leaked. It is extremely important to protect a trade secret, because if it gets into the realm of public knowledge, whether through your own error or through malice, it loses its trade secret status.
To make sure your trade secrets are protected as well as possible and that you have strong legal tools to enforce its secrecy, contact Sterling Law.
We are a modern and innovative boutique law firm with a flexible «can-do» approach. Our cross-domain specialisation allows for seamless solutions whether you are a business or an individual, allowing us to solve most complex problems, where several areas of law are involved.