There are three specific requirements that transform a piece of information into a Trade Secret. First, the information is generally unknown to the public. Second, the information generates a certain amount of financial benefit to the individual or company in possession of said information that is not publicly known. The information cannot be a Trade Secret if it produces financial benefit, but is also a commonly known fact. Lastly, a Trade Secret is as its name entails; information that has been subject to reasonable secrecy from outsiders. A Trade Secret is usually a method, pattern, mechanism or type of information that allows the individual in possession of it a competitive advantage over those who do not possess it.
Trade Secret is different from Patent in the sense that although it is a form of Intellectual Property a Trade Secret is not protected by law in the same way as trademarks or patents. The individual who possesses the Trade Secret cannot register it with the Government of Canada or attempt to get a grant. In order to protect the Trade Secret, the company or individual in possession of the information can impose various contracts upon its employees or other individuals who have been entrusted with the secret information. These contracts allow the law to protect the confidential information which in turn allows the company or individual to solely benefit from said information amongst outside third parties. At Opara Law PC, our team of experienced professionals can provide the necessary protection needed to ensure your trade secrets remain a secret and benefit you and you alone. The lack of proper protection can allow competitors to discover, steal, replicate, and profit off of your Trade Secret