MSC IPTL | Short read|
Trade secrets relate to information in your business that is crucial to your success, is a secret, is held and known to be confidential and only disclosed to a few persons. Protecting this information can be vital to the continued relevance of your products and services in business markets, including in our current pandemic times. A solid trade secrets strategy may help in safeguarding your commercial investments – especially when the knowledge is crucial to the continued success of your business or project.
The following measures, when used as part of an effective IP strategy, may be useful in reducing the risk of losing relevant information to public knowledge.
- If you must disclose the information to others, use the benefits of a well-drafted non-disclosure agreement.
- Monitor licensees use of the information, especially if your business deal includes sub-licensees.
- Ensure that you make reasonable efforts to keep the information secret. This may include quality control measures and periodically checking if your non-disclosure agreement is up to date with changes you have made in your business operations.
- Although many countries are moving towards some level of harmonization of rules in the protection of trade secrets, courts may deal with the interpretation of “reasonable efforts” to protect the confidential information differently. While practicing vigilance in measures used to safeguard relevant information, businesses with branches in other jurisdictions can also ensure that such measures are in line with legal interpretations of trade secrets’ rules in those jurisdictions.
This article is for general information purposes only and is not intended to be legal advise.