What is a trade secret?

A trade secret is a type of legal protection that can be used to protect certain types of confidential information in Mississippi. Trade secrets are not registered with a government agency and they are not part of the public record. Instead, the owner of a trade secret can keep the information secret and only use it internally. Examples of trade secrets can include manufacturing processes, formulas, recipes, customer information, software codes, and business strategies. In Mississippi, trade secrets can be protected from disclosure if the information is not generally known or readily accessible to others, has independent economic value, and has been subject to reasonable efforts to maintain its secrecy. If someone obtains a trade secret illegally and uses it for their own commercial advantage, the trade secret owner can bring a lawsuit against the person to stop them from using the trade secret and to recover damages. Trade secrets can also be protected through contracts that employees and business partners must sign. In Mississippi, the Uniform Trade Secrets Act is the governing statute for trade secret law.

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