What is Trade Secret Law?
Trade Secret Law is a body of legislation that protects confidential information that gives a business a competitive edge. Trade secrets include customer lists, product formulas, recipes, manufacturing processes, pricing strategies, and other similar information. Trade secret law works to protect the confidential information of a business by prohibiting other people from acquiring, using, or disclosing the trade secret without authorization from the business. In Mississippi, trade secret law is governed by the Uniform Trade Secrets Act (UTSA) of 1979. This Act is enforced by the Mississippi courts. The UTSA states that a “trade secret” is any information, regardless of the form or type, and including but not limited to a formula, pattern, compilation, program device, method, technique, drawing, process, financial data, or list of actual or potential customers or suppliers, that: (1) 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 (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. Under the UTSA, a trade secret may be protected even if it is disclosed to the public to a limited extent, provided that the person receiving the disclosure does so under circumstances imposing an obligation to maintain its confidentiality. In addition, trade secret law provides for a court to issue an injunction to prevent the misappropriation of a trade secret. This injunction may require the person responsible for the misappropriation to pay damages for any losses that were incurred due to the misappropriation.
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