Trade secret law is determined on a state-by-state basis. Approximately 45 states have adopted the Uniform Trade Secret Act, with each state making minor changes to the Act. Florida is among those states. Under Florida law, a "trade secret" means information, including a formula, pattern, compilation, program, device, method, technique, or process that:
- Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and
- Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
In order to establish a clear right of entitlement to trade secret protection for any of the above, a person or entity should implement a plan and fortify its practices related to the handling of trade secret information.
Espinosa Martinez PL can provide guidance and counsel on the implementation of practices and procedure to protect trade secrets and to establish entitlement to trade secret status. In this regard, the attorneys of ET Law are skilled at reviewing contracts and developing internal processes and procedures related to your company’s interaction with outside vendors and contractors, reviewing internal policy and procedure, and reviewing executive and other employee contractual obligations.