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trade secret

noun

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

Source: Merriam-Webster's Learner's Dictionary

Full Definition of trade secret

  1. :  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

1862

First Known Use of trade secret

1862


Law Dictionary

trade secret

noun trade se·cret

Legal Definition of trade secret

  1. :  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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