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If you haven?t seen the news in a while, you may be astounded at the damage awards in two controversial trade secret cases. One in California came in with a jury verdict of $36.3 million in damages in a trade secret and breach of contract case. In Georgia, there was another settlement of $37.3 million. There may be another chapter written in both of these cases, as they may be appealed.
Having said that, the staggering amount of the awards serves to point out something very [link widoczny dla zalogowanych] important to the business community ? trade secrets are invaluable to businesses. The fact is that companies with trade secrets they don?t want to lose to another [link widoczny dla zalogowanych] company need to ensure they are [link widoczny dla zalogowanych] protected through non-disclosure agreements (NDA). There is more than one way to protect secrets and it?s for this reason that an expert Austin business lawyer is the best person to turn to when those secrets [link widoczny dla zalogowanych] need to be kept.
Non-disclosure [link widoczny dla zalogowanych] agreements [link widoczny dla zalogowanych] are not standard, run of the mill pieces of paper that an employee signs. They are, in most instances, tailor-made for a specific situation and in some instances for the people who need [link widoczny dla zalogowanych] to sign them. No business should consider operating without a non-disclosure agreement if they have trade secrets that are critical to their industry. For this reason they need to discuss with the lawyer the categories of individuals who need to become acquainted with an NDA as a prerequisite of their employment.
Within [link widoczny dla zalogowanych] and outside of any corporation there are a wide variety of individuals who may have access to a trade secret, and those include, but are not limited to employees, consultants, customers, suppliers, other existing or potential partners and angel investors or merger and/or acquisition aspirants.
Struggling to keep a lid on that secret is of primary importance to the company who will need to consider other methods of secrecy such as encrypted password protection, storing critical material under lock and key, limiting distribution of the crucial information and reminding employees [link widoczny dla zalogowanych] frequently that they need to keep what they know to themselves.
Ironically, many a company that does have secrets to keep finds themselves in the position of wanting to hire [link widoczny dla zalogowanych] someone who used to work for their competitors. This potentially awkward scenario is best addressed by having the new [link widoczny dla zalogowanych] employee sign specific employment agreements to not divulge what they know. Obviously [link widoczny dla zalogowanych] this would be a sticky situation that may have the potential to blow up later should the worker choose to talk about what they know despite having an agreement in place.
Often when an employee is leaving a company and has had access to trade secrets, they need to consider how [link widoczny dla zalogowanych] to handle the potential possibility of being sued for leaking those secrets. Whether or not [link widoczny dla zalogowanych] they are going to work [link widoczny dla zalogowanych] for the competition or start their own business, if they?re smart, they need to have a clear understanding in writing about what they may take when they leave. The trick of course is living up to that agreement.
Andy Westward writes content for Heselmeyer Zinda, PLLC, a firm with Austin business lawyers. To contact an Austin business attorney visit
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