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Learn More About Trade Secrets LawBy Expert Author: Klemchuk Darin
Trade secrets law protects your business from unscrupulous people who might want to benefit from a business’s hard work. It protects your undisclosed inventions, products, methods, and techniques from third parties, such as competitors, vendors, and ex-employees, that might want to get their hands on a business’s hard work.
Today, a business’s success may be determined by its ability to conduct business in a manner that sets it apart from the rest – a competitive advantage. As a result, companies often have employees, especially those working in the manufacturing and technology industries, sign confidentiality agreements. These contracts bar them from disclosing any information relating to the manufacture of the products to third parties. To further protect such confidential information, companies may want to keep the information pertaining to the core processes, from which they can attribute their success to, limited to a small amount of people.
The trade secret protection law exists so as to ensure fair play in the industry. It protects against unfair tactics such as trade espionage or sabotage between the various players. Other underhanded tactics may include theft, bribery, and misrepresentation. Because businesses should be able to operate in the market freely and compete fairly in order to win the customers based on merit, the trade secrets law seeks to ensure that no party is able to get unfair economic advantage through use of information obtained improperly.
The Texas trade secrets law also outlines punishment that is to be meted out against businesses that breach this legislation. The punishment is may be given regardless of whether the offending party has actually benefited from the information or merely has the potential of benefiting. It may also apply regardless of whether or not the party has actually made attempts to profit from that information or not.
The Texas trade secrets law considers the misappropriation of trade information unfair competition because allowing competitors to use your trade secrets against you would give them an unfair advantage in the market. Should you feel as if your vital business information has been misappropriated, you can seek out the counsel of a trade secrets lawyer to help you institute legal action against those you consider to be liable.
A trade secrets lawyer will ensure you get the legal respite due to you if your business information has been compromised. The trade secrets protection laws also help safeguard against future breaches by giving punishments that are meant to act as deterrents in addition to merely giving compensation after the fact. Some of the damages you may recover include share of profits, injunction against the offending party to stop selling the disputed product, royalties, and awards to cover loss of revenue or damage to trade secrets.
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