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What are trade secrets?
"Trade secrets" is the legal term for confidential business information. A good nonlegal definition of a "trade secret" is a secret belonging to a business. This information allows your company to compete effectively. Examples of trade secrets include customer identities and preferences, vendors, product pricing, marketing strategies, company finances, manufacturing processes and other competitively valuable information.
Under the Uniform Trade Secret Act, information must meet three criteria to qualify as a trade secret. First, the information must not be "generally known or readily ascertainable" through proper means. Second, the information must have "independent economic value due to its secrecy." And third, the trade secret holder must use "reasonable measures under the circumstances to protect" the secrecy of the information. These requirements are explored throughout these frequently asked questions.
Updated: 11/12/99
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