Trade secrets are a company's confidential information. A trade secret may be a product, recipe, design, or any piece of secret information that makes one company different from another. Typically, companies invest a large amount of money in their businesses to perfect certain methods such as the manufacturing and distributing process, purchasing habits, sales methods, advertising techniques and more.
Also, trade secrets could be a company's client list or list of suppliers. If another competitive business got a hold of any of these items, it could cause a company to lose market share and dominance and allow the other company to capture some of their business.
Companies should always have their employers and vendors sign a non-compete agreement and a non-disclosure contract. If you need help learning how to protect your company's information, contact one of our experienced Iowa business litigation attorneys at the law firm of Brady Preston Gronlund today at (319) 866-9277 for a free legal evaluation.