What are Trade Secrets?
The most discrete of all intellectual property practice areas, trade secrets are any form of information which give its possessor a business advantage.
Examples of critical business information which should be kept under wraps to constitute a trade secret can be:
- Client lists
- contract terms
- prices of goods
Essentially, the owner of a trade secret must make efforts to prevent others from learning the trade secret. Contrast this from the other forms of intellectual property such as trademarks, patents and copyrights, which require disclosure of the source material to obtain registration and protection.
Do Trade Secrets need to be registered to be protected?
As trade secrets are not to be shared, they enjoy no registration process. To enforce the misappropriation of a trade secret, the Uniform Trade Secrets Act provides remedies when litigating within Pennsylvania, and the Defend Trade Secrets Act or DTSA may provide relief at the federal level.