Frequently Asked Questions About Trade Secrets
Here are some frequently asked questions on trade secrets which may shed light on the topic:
- What are trade secrets? "Trade secrets" is the legal term for confidential business information. A simple definition of it is that a "trade secret" is a secret belonging to a business.
- How long is a trade secret protectable? Information is protectable as long as the information fits the definition of trade secrets. This can last for days or even decades.
- What can be done when trade secrets are violated? Control of the information can be recovered along with payment of damages. Attorney fees and/or exemplary (e.g., punitive) damages can be recovered in an exceptional case. Criminal penalties are available in cases of theft.