A trade secret is defined as a formula, a piece of information, practice, process, design, instrument, pattern, program or method used by a business to obtain an advantage over competitors or customers in the marketplace.

In most jurisdictions such secrets are referred to as confidential information. It is described as confidential information that a company wants to keep under wraps.

A trade secret is basically a compilation of pertinent information that a company possesses intended to give them an edge from its competitors.

The information usually comprised of information that is not known generally by the public. It was the fruit of a conscious effort to formulate a desired formula for attaining advantage and success.

Foremost, it was created and intended to be a secret formula.

Good illustrations of trade secrets are marketing strategies, product research, product pricing, company finances, manufacturing processes and other valuable information.

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If you are employed in a business establishment where you are being exposed to its trade secrets while in the performance of your work, you will be bound to keep such trade secrets even in the absence of any confidentiality agreement between you and your employer.

Disclosure of the trade secret is proscribed. Otherwise, the employee will be held liable for damages that the employer might sustained by reason of the unlawful disclosure.

To be sure, it is always advisable to keep the secrets of the business establishment where you work.

It’s always better to be safe than be sorry.

Like patents and trademarks, trade secret is also protected by laws of varying jurisdictions.

Trade secrets have a distinct characteristic from a patent or trademark with reference to the inception of the protective mantle of the law.

Of patent and trademarks, protection usually commence from the moment of registration from the proper office to which it relates.

In contrast, trade secrets are protected only when the secret is not disclosed. The confidential information is likened to a property, where unlawful appropriation thereof by an intruder is actionable in court.

Misappropriation of trade secrets may be enjoined.

In the end, after proving the infractions, damages for economic injury may be recovered by the owner of the trade secrets.

The whole process is very technical and taxing.

If you are an employee exposed to trade secrets and you do expose more than what is proscribed, and even if the damages are calculable, what are the chances of any meaningful recovery? Assuming the employee is not making a CEO's salary.

Sumo wrote:

QUOTE:
If you are an employee exposed to trade secrets and you do expose more than what is proscribed, and even if the damages are calculable, what are the chances of any meaningful recovery? Assuming the employee is not making a CEO's salary.

Pretty much, a thought.