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When to file a trade secret claim

On Behalf of | Jun 9, 2022 | Business Law |

The intellectual property of your New York business may be a matter of great secrecy. As long as you commit no criminal acts, you have every right to keep it so. You may find that some or all of your trade secrets are being infringed on by another party. If this is the case, you have the right to file a claim.

Knowing the basis of a trade secret claim

The basis of a trade secret claim is one of the most common underlying issues of modern business and commercial law. You may believe that another party has obtained or published these secrets without your knowledge or permission. This will give you the right to file a trade secret claim. You can thus undertake to receive damages related to a loss of market advantage and any resulting profits.

To qualify as a trade secret, it must be kept out of the knowledge of the public. This includes rivals in your industry. The secret must be one that confers some kind of advantage on your business, over and above your rivals. It must also be subject to verifiable efforts to keep it out of the public eye.

Trade secrets come in a variety of forms

The trade secrets that define and shape your business can come in a wide variety of possible forms. They can be formulas, design patterns, custom molds, and secret recipes. They can also come in the form of lists of customers and suppliers, physical or digital devices, and many others.

You will need to prove that the trade secrets in question were being kept in a state of greatest privacy. You must also be able to prove that the only way the secrets in question could be accessed was through recognizably illegal means.

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