Protecting trade secrets is a crucial area of business law

On Behalf of | Jul 28, 2017 | Blog

If your Tempe, Arizona, business involves one or more trade secrets, you probably already understand how important it is to protect them. Maximum protection starts with you because you must be prepared to keep your own secrets. However, if they do become leaked or stolen, a business law attorney can help you with the support of the U.S. government.

The U.S. is a member of the World Trade Organization (WTO) as well as a party to The Agreement on Trade Related Aspects of Intellectual-Property Rights (TRIPS). This means that the nation is obliged to provide entrepreneurs, businesses and companies with trade secret protection.

The Defend Trade Secrets Act of 2016 strengthens governmental efforts to help people protect their trade secrets. Under this act, victims can choose to take local action under state laws and courts, or they can opt to seek a remedy under federal law and in federal courts.

Courts can offer several remedies for victims of trade secret theft. These include damage awards, payment of attorney fees and payment of court costs. While these are important solutions and can aid victims greatly, the most important remedy involves enjoining misappropriation or ordering parties accused of misappropriation to protect the trade secret.

A business law attorney has an important role in any legal action regarding trade secret misappropriation. He or she represents victimized parties throughout the process and ensures their rights remain under protection. However, the most important role a business law attorney fills happens before the theft of trade secrets can occur. This involves helping companies and entrepreneurs set up effective protection strategies to aid in preventing misappropriation.

Source: United States Patent and Trademark Office, “Trade Secret Policy,” accessed July 28, 2017