What does My Confidentiality Agreement Cover?
A Confidentiality Agreement only covers confidential information or “trade secrets.” Trade secret is information that is valuable because it is not generally known or knowable to potential competitors, and which is the subject of reasonable efforts to keep secret. So we have three elements to this. Let’s break it down:
• The information must be valuable. Generally speaking, if there is any potential demand for the information, that information has economic value.
• The information must not be known or knowable. Most information is not confidential – that’s because anyone can know it. For information to be protectable it cannot be readily available. Think of it this way, if you can spend a few hours on the web and get all the information, it is not protectable.
• Lastly, reasonable efforts to the information secret means that the company actually tries to keep the information a secret. Generally, this means that the information is on a “need to know basis” and that only the people who need the confidential information are privy to it.
If you are at all concerned, you should have an employment attorney review your Confidentiality Agreement. Our firm offers a 24-hour turnaround for a full review and consult of your agreement. Feel free to contact us today. Please e-mail for weekend service.