Trade secret
| Intellectual property |
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| Related topics |
Higher categories: Property and Property law |
A trade secret is information that a business keeps confidential to maintain a competitive advantage. Well-known examples include the Coca-Cola formula and the recipe for Kentucky Fried Chicken.
Unlike other forms of intellectual property, trade secrets do not require formal registration and can be protected indefinitely, as long as they remain undisclosed.[1] Instead, non-disclosure agreements (NDAs), among other measures, are commonly used to keep the information secret.[2][3]
Like other IP assets, trade secrets may be sold or licensed.[4] Unauthorized acquisition, use, or disclosure of a trade secret by others in a manner contrary to honest commercial practices is considered misappropriation of the trade secret. If trade secret misappropriation happens, the trade secret holder can seek various legal remedies.[4]
- ^ "Trade secrets / regulatory data protection". www.uspto.gov. Retrieved 2024-11-11.
All three elements are required; if any element ceases to exist, then the trade secret will also cease to exist. Otherwise there is no limit on the amount of time a trade secret is protected.
- ^ "WIPO Guide to Trade Secrets and Innovation - Part III: Basics of trade secret protection". WIPO Guide to Trade Secrets and Innovation. Retrieved 2024-11-11.
In addition, since confidentiality agreements (or clauses) and non-disclosure agreements (NDAs) are usually effective measures to maintain trade secret information in secrecy, contract law is also relevant to trade secret protection.
- ^ "Trade Secrets, Professional Perspective - Non-Disclosure Agreements and Trade Secrets Protection". www.bloomberglaw.com. Retrieved 2024-11-11.
- ^ a b "WIPO Guide to Trade Secrets and Innovation - Part III: Basics of trade secret protection". WIPO Guide to Trade Secrets and Innovation. Archived from the original on 2024-09-23. Retrieved 2024-12-13.