In 1985, Wisconsin passed its own Uniform Trade Secrets Act (UTSA). Non-disclosure agreements are an example of such efforts. Reasonable efforts have to be applied to its protections. In order to be considered a trade secret, management of the firm must also communicate to its employees, contractors, and vendors that such information is confidential. In almost all cases a trade secret must have a certain value to a firm that competitors would have to make an effort to replicate. These can include cost and pricing information, client lists, financial information, hiring plans, sales forecasts, and market analysis. Internal documents are also considered trade secrets. Trade secrets can include formulas and processes software and hardware engineering designs manufacturing techniques research engineering notebooks meeting notes and even results of testing that demonstrated a process that did not work. Trade secrets are defined as information that is known only within a company by its employees, contractors, and vendors. This blog piece provides an overview of those trade secret protections. In 2016, tougher federal laws were enacted to protect businesses from theft and misappropriation. At the federal level, there are legal protections that provide companies a framework to guard against theft and espionage. Wisconsin law follows trade secret protection guidelines set forth in the Uniform Trade Secret Act (UTSA). So, it is essential to do everything you can to protect your trade secrets from theft and misappropriation.įortunately, there are laws in Wisconsin, and at the federal level, that protect companies from trade secret theft. Losing your trade secrets to a competitor could have disastrous consequences for your business. Business Law Firms in Milwaukee Helping Business Owners Protect Trade Secrets
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