The harsh and highly-competitive scene in the corporate world necessitates the business entities of coming up with viable and efficient strategies in order to contend and remain in the market. Not having a good business plan and tactics will definitely put the company operations into ashes.
Hence, most successful companies have come up with their own trade secrets as a part of their strategy in competing with their business rivals. Having this formula in doing business can be their edge in surviving in the field where only the toughest and the wittiest triumph.
Trade secrets, as commonly defined, are company’s compiled information which have much significance in the business operations and are generally confidential and restricted from being identified by their competitors. These are being utilized by the companies to gain advantage against their rivals.
Formula, patterns, compilations, programs, devices, methods, techniques or processes are just some of the things, which can be deemed as trade secrets. Yet, this confidential information cannot be registered. Having it recorded by a third party may just instigate its public disclosure. Therefore, it is greatly in the hands of the company owners on how they will safeguard their trade secrets.
However, most state governments in the U. S., including California, have their own law provisions which recognize some types of trade secret protection while a few still utilize the common law practices. Hence, all these statutes are based on the Uniform Trade Secrets Act which aims to provide a standardized law to deal with trade secret legal issues. This is very mush different from other forms of intellectual property protection such as patents, copyrights and trademarks which greatly rely on the federal law.
On the other hand, the federal government still recognizes trade secret protection. The Federal law also includes statutes to enable the trade secret owner to file charges against other party to safeguard the confidentiality of their trade information and demand for damages from the individuals who divulged their trade secrets. These Federal Governments action include the following:
makes it a crime for any Federal employee to knowingly disclose the trade secrets of a private party
makes it a crime for any U. S. citizen, permanent resident alien, or organization organized under Federal, state or local law to disclose trade secrets and increases the penalties if such disclosure is made to a foreign country government
permits injunctive relief against the united states if there is a threat of knowing or inadvertent disclosure of a trade secret by the U. S. Government
permits the U. S. Court of Federal Claims to award monetary relief in favor of a private party against the united states for damages resulting from the government’s improper disclosure of a trade secret.
The matters regarding trade secrets are indeed difficult to comprehend and it requires a formal education to completely understand this legal topic. This is why it is considered as a necessity for a company or an individual who have been engaged in legal disputes concerning trade secrets to hire the services of a credible and well-skilled corporate business lawyer. A business law expert will assist the plaintiffs in pursuing a case in court and help them in acquiring the monetary damages that is due to them.