Our last blog talked about the theory of what a trade secret is from a legal perspective, so in this blog, we wanted to give you some more practical advice.
What Happens in Practice
Non Disclosure Agreements (NDAs) are readily available on internet searches and are frequently used effectively by businesses on a day to day basis for simple matters without reverting to lawyers. This is a commercial decision, but once the issues become a little more complex, it is wise to seek some reassurance.
Other relevant company policies to protect confidential information
A business should also address confidentiality issues in other applicable policies, such as:
Prepare a misappropriation action plan
A business should have an action plan in place in case any of its valuable confidential information, including a trade secret, is stolen, used or disclosed in some way, or is in any way threatened. If a business acts quickly, it is likely to be able to eliminate, or at least minimise, the damage that any such leak may cause to it. The plan should be readily accessible to all responsible employees and included in any relevant training programmes so that all concerned know what to do if a leak, threatened or actual, arises. It may also be appropriate to carry out dry runs of the action plan.
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