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Event 23 Aug. 2023
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Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
Article 22 Aug. 2023
Fuad Zarbiyev Publishes Article in Journal of International Economic Law
Client Alert 14 Aug. 2023
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Event 22 Aug. 2023
Partner Dr. Claudia Frutos-Peterson to Speak at Arbitration and ADR Commission of the ICC Mexico
Event 11 Jul. 2023
Partner Elisa Botero Speaks on the Role of the ICC in Investment Disputes
News 15 Aug. 2023
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News 31 Jul. 2023
Curtis Welcomes Senior Saudi Advisor, Dr. Majed Alotaibi, to its Riyadh Office
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News 06 Mar. 2023
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Client Alert 30 Aug. 2022
The EU Adopts the “Maintenance and Alignment” Sanctions Package
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Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
A trade secret is information that has economic value by virtue of not being generally known.
For example, the recipe for Coca Cola is a trade secret that is closely held by the Coca Cola company. Trade secrets are subject to a party’s reasonable efforts to maintain their secrecy. If a party freely discloses information, this information would not be eligible for trade secret protection.
Trade secrets are important because they protect information crucial to a company’s survival and profitability. In other words, trade secrets allow a company to make and sell valuable products that only they know how to make. The accidental or intentional disclosure of a trade secret could cost a company its trade secrets. A company may use a strategic combination of trade secrets and patents to retain an advantage over its competitors even after the patents expire.
Trade secrets last as long as the secret can be kept. Unlike patents, which typically have a shelf life of twenty years, trade secrets last indefinitely. If the secret is leaked or disclosed to an unauthorized party, the trade secret would likely no longer qualify as a secret.
The leaking of a trade secret could potentially lead to the information becoming public or no longer being protected. Depending on how central the secret is to a company’s operations, the disclosure of a trade secret could threaten the viability or existence of a company. For example, if Coca Cola’s recipe for its soft drink were leaked, it could constitute a blow to its ability to make a profit.
Attorney advertising. The material contained on this page is only a general review of the subjects covered and does not constitute legal advice. No legal or business decision should be based on its contents.
Turner P. Smith
Intellectual Property Law
Intellectual Property Litigation
Media, Technology and Entertainment
+1 212 696 6000