Simple Definition of trade secret
: something (such as a special way of doing or making something) that is known only by the company that uses it and is protected from competitors
Full Definition of trade secret
: something (as a formula) which has economic value to a business because it is not generally known or easily discoverable by observation and for which efforts have been made to maintain secrecy
First Known Use of trade secret
Legal Definition of trade secret
: a formula, process, device, or item of information used by a business that has economic value because it is not generally known or easily discovered by observation or examination and for which reasonable efforts to maintain secrecy have been made
Additional Notes on trade secret
Trade secrets are a form of intellectual property. Many states have enacted laws which create an action for damages or injunctive relief against misappropriation of trade secrets by improper means. Information contained in a patent is not protected as a trade secret.
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