For many businesses, it is their trade secrets which provide them with an added edge over their rivals. Information, processes and plans can help them to gain an advantage and the unauthorised disclosure to third parties can be problematic and damaging. Here we will explain how Non-Disclosure Agreements (NDA’s) can help in protecting these types of information from dissemination by third parties.
What are trade secrets?
From the complex algorithms that Google use to order search results to the secret ingredients used in Kentucky Fried Chicken, trade secrets give businesses an advantage that requires protection. Trade secrets could include specific methods of working or production, equipment that is used, ingredients, inventions, algorithms and formula as well as customer lists and other types of information. Trade secrets are defined under law as information that is “secret in the sense that it is not generally known among or readily accessible to persons within the circles that normally deal with this kind of information”, “has commercial value because it is secret” and “has been subject to reasonable steps under the circumstances, by the person lawfully in control of the information, to keep it a secret”.