What is a trade secret?
A trade secret can be defined as business information that derives independent economic value. A trade secret is something that is meant to stay undisclosed. When a trade secret is leaked‚ other people could potentially benefit from its financial value.
This is why a trade secret is usually considered to be classified information. A trade secret may be a formula‚ recipe‚ process‚ specific product design or other business information that is not public knowledge. Because trade secrets provide economic benefit to a business or a corporation‚ they are protected by the Uniform Trade Secrets Act.
Under the Uniform Trade Secrets Act‚ anyone who steals‚ misappropriates or unlawfully disseminates a trade secret may be punished under U.S. law. What this means is that if someone has stolen or misappropriated your classified business information‚ then you may choose to file a lawsuit and pursue financial damages. Under the Uniform Trade Secrets Act‚ a violation may be punishable by fines of up to $500‚000 or imprisonment of up to 15 years.
By Charles Internicola November 21, 2010
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