Understanding Trade Secrets in Construction Part 1

By: Cotney Construction Law.

Did you hear that? It may have been a trade-secret exposed. Maybe, but probably not.

There are many disbeliefs regarding trade secrets and the legal implications that occur if it seems that one may have been exposed. This five-part article will discuss the definition of a trade secret and how it relates to law, and the later sections will discuss the role that trade secrets play in the construction industry.

As Tampa construction lawyers, we are here to offer the construction industry any legal advice they need, including insight in the area of trade secrets. Please contact us today if you need to speak with a Tampa construction lawyer.

The Uniform Trade Secrets Act

In law, there are four types of intellectual property: copyright, trademark, patent and trade secrets. Trade secrets are the least “in demand” type of intellectual property law as it pertains only to private or civil law. The Uniform Trade Secrets Act (UTSA) is the most commonly referred to law that related to trade secrets and has been adopted by most U.S. states, including Florida in 1988.

Trade Secrets Defined by the UTSA

Defined by the UTSA, a trade secret is “information, including a formula, pattern, compilation, program, device, method, technique, or process that derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.”

In layman's terms, a trade secret is a form of intellectual property that has given those who created it an advantage in their field. By exposing or utilizing this information without consent, there is a threat to the creator’s company and/or monetary compensation.

In the next sections of this article, we will discuss the steps to take if you believe your trade secret has been exposed and how to prevent the exposure of a trade secret.

To read the full article, please visit: Cotney Construction Law

Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.