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What Is A Trade Secret?

A trade secret is any valuable business information that is not generally known but would be of benefit to a competitor. The information cannot be already in the public domain; it must have commercial value, and the owner must have made reasonable effort to maintain its secrecy. Protection for a trade secret is immediate, and registration is not required. Its protection lasts as long as reasonable efforts at secrecy are maintained. Lastly, violation or misappropriation occurs when someone illegally obtains, uses, or discloses the trade secret.

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