Trade Secret Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Trade Secret, written in plain English, along with examples of how it is used.

What is Trade Secret?

It is a process,method,plan,idea,formula or other information which provides a business with a competitive advantage over its competitors.Trade secrets have value and are protected by court-ordered injunction.The owner of the trade can seek damages against the person who tries to reveal the secret.Also, when trade secrets are involved in a lawsuit, a “protective order” may be requested from the judge to prohibit revelation of a trade secret or a sealing of the record in the case where references to the trade secret are made.