What is the concept of “trade secrets” and how can they be protected against unfair competition?

The concept of “trade secrets” refers to confidential information related to the production or sale of a product or service that is meant to stay secret and keep your company from being exposed to unfair competition. Trade secrets are a form of intellectual property that is protected by South Dakota’s Unfair Competition Law. In order for a trade secret to be protected from unfair competition, the company must show that the information is valuable because it is not known to the public and the company has taken reasonable steps to keep it secret. Examples of trade secrets include formulas, recipes, processes, customer lists, and other information that would be valuable to a competitor if it became public. South Dakota’s Unfair Competition Law prohibits businesses from unlawfully acquiring, exploiting, using, or disclosing trade secrets. It also prohibits individuals from engaging in fraud, misrepresentation, or other dishonest conduct involving trade secrets. Violations can result in a civil lawsuit with damages or an injunction to prevent further illegal activity. To protect trade secrets from unfair competition, businesses should take steps such as implementing secure storage methods, limiting access to only certain individuals, and using non-disclosure agreements for employees.

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What is the concept of “trade secrets” and how can they be protected against unfair competition?

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