![]() ![]() He is reachable at rd (at) patentbusinesslawyer (dot) com & Twitter. Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements. Therefore, when any type of information is taken or stolen in violation of law, businesses must take reasonable steps to protect their information. Also, damages that result from the illegal release of trade secrets can result in substantial fines and a loss of business. Any trade secret that is stolen can harm a business and its ability to compete. The economic consequences of stealing trade secrets can be disastrous to any business, as well as to the national economy. ![]() Protection of trade secrets is a matter of national security and should be a high priority on the agendas of all businesses. In instances such as these, it is often reasonable for the parties to share their confidential information in order to ensure the success of the marketing plan. It is not uncommon for large corporations to consult with a marketing firm to obtain confidential information regarding a prospective product line before actual implementation. One such situation includes the marketing and promotion of new products and services. Protecting business interests is the primary reason behind sharing intellectual property rights however, there are many situations where confidential information must be protected. Economic espionage is a violation of the law and can be punished as vigorously and as severely as any other crime. This includes, but is not limited to, trade secrets found on, or transmitted by, any wire or electronic communication, records, papers, or documents of a protected person. In terms of business strategy, Economic Espionage refers to the unauthorized theft of a trade secret knowing or intending that the act will benefit any nation, foreign entity, or instrumentality. Protection of trade secrets includes a nonpublic information that has been developed by the protected parties. Companies protect their trade secrets to gain business advantage through stringent contracts and agreements.
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