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Last Updated August 4, 2008 |
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A trade secret is a business's specialized, confidential knowledge that has commercial value. A trade secret may include knowledge about a business process, formula, design or pattern that gives a business an advantage over competitors. An example of a trade secret is a customer list or a product formula. A business must fully disclose the details of a patent in order to obtain legal protection of a process or work. However, a business obtains legal protection for a trade secret by keeping its details private. While state unfair competition law is the prime source of protection for trade secrets, federal law protects trade secrets as well. |
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