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.
CONSULTATIONWe 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.
IP law has two sides to it: contentious and non-contentious IP. It is important ensure your intellectual property is marked as yours as clearly as possible, and that, in case of infringement – such as someone stealing your graphics, ideas, or branding – you are able to respond quickly and make use of all the resources available that the law provides you with. One of the most effective, and important, ways for you to protect your IP is through patent law, which our team is experienced and capable in.
Read moreA common question is what is the difference between a trademark and copyright? Is my logo trademarkable or copyrightable? If you want to protect your brand’s logo, it’s important to understand the difference.
Read moreDesign rights is one of the most complex areas of IP law – particularly because what may appear to obviously apply as a design right may be a patent, or vice versa. Not separating these two correctly can cost time and money, and this is why you need a team of experts to help you understand your choices and how to obtain design rights.
Read more