Mark D. Walters
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Trade Secrets - Pros and Cons

8/25/2016

 
Some advantages of trade secrets include:
  • No pre-determined expiration date and indefinite life.  As long is the information meets the legal definition of a “trade secret”, the information continues to be a trade secret.  Just ask the good folks at Coca-Cola how long they expect to own its trade secret for a certain carbonated beverage.
  •  Zero registration costs.
  •  No duty to disclose to any government agency.
  •  No registration required.
  • Legal protections exist to resist and prevent disclosure in courts and other government filings.
  • Broad - As long as the information meets the legal definition of a "trade secret", virtually anything can be a trade secret.
 Some disadvantages of trade secrets include: 
  • Could be expensive to maintain secrecy.
  • Requires vigilance to maintain secrecy. 
  • Might be reverse engineered and lose protection.
  • Can be patented by someone else who developed the relevant information by lawful means.
  • Once the trade secret is public, it no longer qualifies for trade secret protection and anyone can use it.
  • Easy to lose trade secret status (no longer a secret).
  • Sometimes difficult to prove the information meets the legal definition of a trade secret.
 
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