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LSDefine
Simple English definitions for legal terms
proprietary information
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A quick definition of proprietary information:
Proprietary information is information that belongs to someone and they want to keep it a secret. It can be a special way of doing something, like a recipe or a process, that gives them an advantage over others. To be considered proprietary, the information must be valuable and not easily known by others. The owner of the information must also make an effort to keep it a secret. This is important because if others knew the information, it could hurt the owner's business.
A more thorough explanation:
Proprietary information refers to information that is owned by a person or company and is kept secret to maintain a competitive advantage. This information can be a formula, process, device, method, technique, or any other business information that is not generally known or easily accessible to others.
For example, a company may have a secret recipe for a popular soft drink that gives them an advantage over their competitors. This recipe is considered proprietary information and is kept confidential to maintain their competitive edge.
Another example is a software company that has developed a unique algorithm that makes their product more efficient than their competitors. This algorithm is considered proprietary information and is kept secret to maintain their advantage in the market.
Overall, proprietary information is valuable to a company because it gives them a competitive advantage. It is important for companies to protect their proprietary information through legal means, such as trade secret laws, to prevent others from using or disclosing it without permission.