For a Florida business, competitive advantage is a critical component of success. Trade secrets, including secret processes, client lists, formulas and other closely held information, are some of the most valuable assets owned by a business. Because they are intangible and valuable, noncompete agreements are some of the most common ways businesses protect their interests. However, there are other steps that may be helpful, adding extra security and protection for trade secrets.
Will there be a ban on noncompete agreements?
Recently, the Federal Trade Commission proposed a ban on noncompete contracts. If this comes to pass, businesses will have to look for other ways they can protect their trade secrets. The protection of intellectual property is unique to the individual situation, but the following steps may be useful:
- Use the terms of employment contracts to clearly outline expectations, access and responsibilities.
- Use both state and federal protections, determining whether the specific intellectual property qualifies under the Uniform Trade Secrets Act or the Defend Trade Secrets Act.
- Use other types of contracts, such as nondisclosure or confidentiality agreements as part of employment contracts.
The ideal way to protect trade secrets depends on the type of information and the value it provides to the Florida company.
The appropriate legal steps
Each company will benefit from an understanding of how to best protect its trade secrets. To do this, it is helpful to seek the guidance and support of an experienced IP law attorney. An evaluation of the specific goals of the business and the type of trade secrets can provide insight into the appropriate and most effective legal steps.