Frequently Asked Questions About Trade Secrets

Here are some frequently asked questions on trade secrets which may shed light on the topic:

• What are trade secrets? "Trade secrets" is the legal term for confidential business information. A simple definition of it is that a "trade secret" is a secret belonging to a business.
• How long is a trade secret protectable? Information is protectable as long as the information fits the definition of trade secrets. This can last for days or even decades.
• What can be done when trade secrets are violated? Control of the information can be recovered along with payment of damages. Attorney fees and/or exemplary (e.g., punitive) damages can be recovered in an exceptional case. Criminal penalties are available in cases of theft.

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