Secrecy can be used as a protective means of information and ideas. The Uniform Trade Secrets Act § 1 (4) defines a trade secret as a means of protecting information, including a formula, pattern, compilation, program, device, method, technique, or process, that: (i) 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 (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
If OIPA determines that secrecy is the appropriate mode of protection, OIPA will maintain secrecy through trade secret agreements. In the U.S., the law of trade secrets is founded on concepts of torts, restitution, agency, trusts, quasi contract, property and contracts. Under these concepts, obligations are imposed on other parties either involuntarily or by operation of law. Trade secrets are protected under state law and therefore vary according to jurisdiction. If a misappropriation of a trade secret occurs, the court may provide a remedy to the injured party and criminal liability to the wrongful party.
Trade secrets have no term and may last indefinitely. For more information about trade secrets see Washington R.C.W. § 19.108.010 et seq. or individual state law.
Trade secrets are governed by state law. While no official reporting is required, "efforts that are reasonable under the circumstances to maintain its secrecy" are required on behalf of the parties involved in order to legally maintain the secret.
Within the context of university research, trade secrets are difficult to maintian.
