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Protecting your company’s valuable information
Trade Secrets Protecting your company’s valuable information Confidential: Attorney-Client Privileged
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= information Trade Secrets
Neither the form of the information nor media that the information is stored matters: written; human memory; electronic; physical sample, etc.
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Trade Secrets Under Indiana Law, means information including a formula, pattern, compilation, program, device, method, technique, or process that: (1) derives independent economic value, actual or potential, from not being known or readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use; and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy
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Trade Secrets Under Indiana Law, means information including a formula, pattern, compilation, program, device, method, technique, or process that: (1) derives independent economic value, actual or potential, from not being known or readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use; and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy
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Trade Secrets Under Indiana Law, means information including a formula, pattern, compilation, program, device, method, technique, or process that: (1) derives independent economic value, actual or potential, from not being known or readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use; and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy
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Trade Secrets Under Indiana Law, means information including a formula, pattern, compilation, program, device, method, technique, or process that: (1) derives independent economic value, actual or potential, from not being known or readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use; and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy
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Examples of Trade Secrets
Manufacturing methods, jigs, processes. Formulas. Customer lists. Customer preferences. Material composition. Computer code. Engineering drawings, specs, changes. Pricing, cost & profit information. Data compilations. Information re: regulatory approval. Failures; what did not work. Bids. Lab notebooks, meeting minutes. Legal information. Vendor & raw material identification, pricing, etc. Testing and QC procedures.
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Examples Of Efforts that are ‘reasonable” to maintain secrecy
Confidentiality agreements. Vendors Employees Visitors Security alarms, systems. Restrict computer access (user groups, limited authorization, passwords). Legends on documents: “Confidential” or “Trade Secret”. Limit tours and other access. Visitor sign-in log. Compartmentalize information. Courts look to what efforts that you undertook – be active, not passive.
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Trade Secrets Trade Secret Owner has right to recover money and stop misappropriation of trade secret. No trade secret violation if: Information in the public domain (known or “readily ascertainable”). Someone independently develops. Reverse engineered a competitor’s product.
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Misappropriation Trade Secret information is “misappropriated” (i.e. infringed) if improperly: Acquired; Used; or Disclosed. Or any combination of those.
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Confidentiality Agreements
Before disclosing your ideas or information to a company/person for their consideration, consider having them sign a confidentiality agreement. Disclose only on a need to know basis. Reclaim possession of documents afterwards. Preserves foreign patent rights; reduces likelihood of theft/misappropriation of the invention; evidence of prior invention for subsequent inventorship disputes. Confidentiality agreements typically include a general description of your work, language where company agrees not to disclose or use your work without your permission, and signed by both parties. Beware: duration clauses (this Agreement shall be for a term of three (3) years…”) creates a strong argument that the information is no longer confidential thereafter.
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Protecting your company’s valuable information
Trade Secrets Protecting your company’s valuable information Confidential: Attorney-Client Privileged
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