Trade Secrets (Update Available)


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number


Overview/Description
A trade secret is information that is of proven economic value to its owner, is actively protected, and is not generally known to competitors. Trade secrets are important because they provide a competitive advantage to their owners and may be the only viable form of legal protection available. They are protected under the Uniform Trade Secrets Act (UTSA), in those states that have adopted it, and by common law principles in others. Owners may take legal action if their trade secrets are violated. The single most effective step owners can take to protect trade secrets is to get employees, contractors, and other relevant individuals to sign properly drafted, binding nondisclosure agreements (NDAs). These agreements provide strong protection in most, though not all, circumstances. This two-hour course enables participants to understand the nature of trade secrets, and the legal implications of their use and misuse. This course was developed with subject matter support provided by the Labor, Employment, and Employee Benefits Law Group of the law firm of Sheehan Phinney Bass + Green PA. Please note, however, that the course materials and content are for informational purposes only and do not constitute legal advice. Nothing herein, or in the course materials, shall be construed as professional advice as to any particular situation or constitute a legal opinion with respect to compliance with any federal, state, or local laws. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship. Readers should not act upon this information without seeking professional counsel. The information contained herein is provided only as general information that may or may not reflect the most current legal developments. This information is not provided in the course of an attorney-client relationship and is not intended to constitute legal advice or to substitute for obtaining legal advice from an attorney licensed in your state.

Target Audience
General audience; employers, employees, and contractors who need to understand the fundamentals of trade secrets and trade secret law

Expected Duration (hours)
2.0

Lesson Objectives

Trade Secrets: Rights and Protections

  • identify the main characteristics of a trade secret.
  • differentiate between trade secrets and patents.
  • identify the role of the Uniform Trade Secrets Act in protecting trade secrets.
  • recognize the benefits of trade secrets to a business.
  • identify the groups of people who can be prevented from misusing trade secret information.
  • identify the potential problems that can occur when a company fails to take necessary steps to protect its trade secrets.
  • identify practical measures that can be taken to protect trade secrets.
  • recognize the benefits of trade secret protection.

    • Trade Secrets Agreements and their Enforcement

  • differentiate between the main types of trade secret agreements.
  • distinguish between types of information that are protected, and those not protected, by a nondisclosure agreement.
  • identify important limitations on nondisclosure agreements.
  • recognize the benefits to a company of using nondisclosure agreements.
  • recognize the activities that the courts will treat as trade secret misappropriation.
  • identify the sequence of steps to take if someone violates a nondisclosure agreement.
  • employ the best practices when managing an employee who has worked for a competitor.
  • differentiate between the four main methods for resolving trade secret disputes.

    • Course Number:
    LCO0111