A trade secret is information that is actually or potentially usable in a business or trade, has some economic value, and has had steps taken to maintain its secrecy.
Maintaining information as a trade secret is often the best form of protection where the information may be valuable for a long time. Trade secrets are not limited territorially and can be expolited immediately without waiting for the issuance of a patent. An example of a trade secret is the formulation for the soft drink Coca-Cola®.
A Trade Secret is information that (a) is actually or potentially usable in a business or trade; (b) has some economic value; and (c) has had steps taken to maintain its secrecy. A Trade Secret is sometimes referred to under the general term Proprietary Information. Proprietary Information includes customer lists, business plans and so forth.
Examples of Trade Secrets would include chemical formulas, manufacturing processes, "magic-type" trade secrets and chemical recipes.
Chemical formulas include compositions for making paper currency.
Manufacturing processes include those by which a product is made, where the purchaser can not determine the method by which it was made by studying the final product.
"Magic-type" trade secrets include laser or firework displays that are controlled or choreographed by certain techniques.
Chemical recipes include such products as the Coca-Cola? formula.
Maintaining secrecy is obviously critical to the commercial success of any Trade Secret. You should ensure that information pertaining to the Trade Secret is kept in a locked cabinet or safe.
Trade Secrets should only be divulged on a "need to know" basis.
Those employees who must know the Trade Secret should be required to sign a confidentiality agreement.
Trade Secrets - By their very nature, trade secrets can not be searched.
Trade Secrets - The owner has no rights to use the information, per se. His ability to use the information arises from his ability to keep the information secret.
Trade Secrets - provided that you can keep the information secret, there is no limit to the length of protection.
You have the option to file applications yourself or use a professional experienced in this area of the law.
Patents and Industrial Designs - In Canada, there are two main groups practising in the patent and industrial design field - patent agents, and lawyers specializing in patents.
Patent agents are usually engineers and/or lawyers who have completed a set of examinations conducted by Industry Canada. Lawyers specializing in patents who are not patent agents do not file patent applications but advise on legal matters such as licencing, rendering legal opinions and taking legal proceedings before the courts.
Trade Marks - In Canada, there are two main groups practising in the trade mark field - trade mark agents, and lawyers specializing in trade marks who are also trade mark agents. Trade mark agents are individuals who have been employed for two years prosecuting trade mark applications under the supervision of a trade mark agent and who have passed a qualifying examination. Lawyers who pay a registration fee are entitled to practice as trade mark agents by virtue of their legal training. Industry Canada and the Patent and Trademark Institute of Canada maintain a list of all firms and individuals who are registered to practice as patent and trade mark agents. In addition many of these firms advertise under the 'Patent Agents - Registered' or 'Trade Mark Agents - Registered' section of the Yellow Pages. These firms can also advise you in respect of Copyright and Trade Secret issues.
Copyright © R. William Wray & Associates 1995-2007 All rights reserved.
The comments contained herein provide a brief overview only and should not be regarded or relied upon as legal advice or opinion.
01/2007
