Common use of DEVELOPMENT/INTELLECTUAL PROPERTY AND TRADE SECRETS Clause in Contracts

DEVELOPMENT/INTELLECTUAL PROPERTY AND TRADE SECRETS. Development documents are often subject to intellectual property protection in their final form (e.g., patents and copyrights). The documents detailing the development process are often also of value to a company and are protected as a trade secret where the company: (a) derives independent economic value from the secrecy of the information; and (b) the company has taken affirmative steps to keep the information confidential. Each company should keep all documents designated as containing trade secret information for at least the life of the trade secret.