Question: Read the following basic info about trade secrets and then draft a brief list of practical terms (5-6 short terms) you want to include in
Read the following basic info about trade secrets and then draft a brief list of practical terms (5-6 short terms) you want to include in a confidentiality contract with a consultant doing work with your business. Total 5-6 sentences/terms, max.
Trade Secret: Information or a process that gives a person or business an advantage over competitors who do not have access to the information or process. Trade secrets include such things as customer lists, pricing information, marketing techniques, plans, research and development, production methods, and, generally, anything else that sets individual business apart from and would have value its competitors. Trade secret protection extends both to ideas and to their expression. Although common law generally protects trade secrets, states have enacted some version of a Uniform Trade Secrets Act. Congress also enacted the Economic Espionage Act, making theft of trade secrets a federal crime. Evolving computer technology has made the protection of trade secrets n important priority. The law protects trade secrets indefinitely, provided that the information is not generally known, is kept a secret, and has commercial value. Sometimes, of course, a business needs to disclose secret information to a party in the course of conducting business. For example, a company may need to hire a consultant to revamp a computer system, an engineer to design a manufacturing system, or a marketing firm to implement a sales gram. One way to protect against the unauthorized disclosure of such information is through confidentiality agreements.
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