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Trade Secret
Practical Law Glossary Item 0-502-0451 (Approx. 4 pages)
Glossary
Trade Secret
A type of intellectual property that broadly includes all forms and types of information (for example, formulas, patterns, plans, compilations, programs, devices, designs, methods, techniques, or processes), that:
- Provides an economic or competitive advantage to its owner because the information is not generally known to or available through proper means by another person who can obtain economic value from its disclosure or use.
- Is subject to reasonable efforts by its owner to maintain its secrecy.
Trade secrets are protected by:
- Federal law under the Economic Espionage Act, as amended by the Defend Trade Secrets Act of 2016.
- State law. The specific state law requirements for, and scope of, protection vary from state to state, although most states have adopted a version of the Uniform Trade Secrets Act.
For more information, see Practice Note, Intellectual Property: Overview: Trade Secrets and Trade Secret Law: State Q&A Tool.