Can trade secrets be licensed?

Yes, trade secrets can be licensed in Washington. By licensing a trade secret, the owner of the secret is authorizing another person or entity to use the information. The owner of the trade secret must remain anonymous and the licensee must not disclose the information to anyone else. In Washington, licensing trade secrets is governed by the Uniform Trade Secrets Act. This act allows for the protection of confidential information that is used in connection with a business or industry. Trade secrets include any type of information that provides a business or industry with a competitive advantage, such as an invention, process, formula, pattern, device, or compilation of information. Before a trade secret can be licensed, the owner of the trade secret must have applied reasonable measures to keep the information secret. This includes implementing non-disclosure agreements and agreements that prohibit the unauthorized use or disclosure of the trade secret. If a trade secret is not kept confidential and the licensee discloses the information, the owner of the trade secret may be able to sue the licensee for damages resulting from the unauthorized disclosure. Although trade secrets can be licensed, it is important for owners of trade secrets to be aware of the risks and responsibilities associated with licensing them. Owners should consult with lawyers, who can help them understand their rights and potential liabilities associated with licensing a trade secret.

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