What is a trade secret?

A trade secret is a type of confidential business information that is used to gain a competitive advantage. In Oregon, trade secret law is part of a larger body of art law that protects creators and businesses from unfair competition. A trade secret can be a formula, process, design, device, method, technique, or compilation of information that is used in a business and is not generally known by the public. Trade secrets are often used in manufacturing, computer programming, food service, and other areas of business. In Oregon, trade secrets are protected under the Oregon Trade Secret Act. This law includes civil and criminal remedies for misappropriation of trade secrets. These remedies can include damages, injunctions, and criminal penalties, depending on the circumstances. Under the Oregon Trade Secret Act, a trade secret is only protectable if it meets two tests. First, the trade secret must have actual or potential economic value from not being generally known or readily ascertainable by proper means. Secondly, the trade secret must be the subject of reasonable efforts to maintain its secrecy. In Oregon, businesses and creators can take legal action to protect their trade secrets from misappropriation. It is important for businesses to take steps to protect their confidential information in order to avoid potential legal action.

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