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Trade secret
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 ("IP"), trade secrets do not require formal registration and can remain protected indefinitely, provided the information continues to meet the legal requirements for trade secret status. Instead, non-disclosure agreements (NDAs), among other measures, are commonly used to keep the information secret.
Like other IP assets, trade secrets may be sold or licensed. 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.
The precise definition of a trade secret varies by jurisdiction, as do the types of information eligible for trade secret protection. However, in general, trade secrets are confidential information that is:
All three elements are required. If any element ceases to exist, then the trade secret will also cease to exist.
Trade secret protection covers confidential information, which can include technical and scientific data, business and commercial information, and financial records. Even "negative" information, like failed experiments, can be valuable by helping companies avoid repeating costly mistakes.
In international law, while "trade secrets" and "confidential information" are often used interchangeably, trade secrets are technically a subset of confidential information. To qualify as a trade secret, confidential information must meet the specific requirements set by a country's national laws, which are often influenced by Article 39 of the TRIPS Agreement.
Commentators like A. Arthur Schiller have argued that trade secrets were protected under Roman law by a claim known as actio servi corrupti, meaning an "action for making a slave worse" or "an action for corrupting a servant." The Roman law is described as follows:
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Trade secret
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 ("IP"), trade secrets do not require formal registration and can remain protected indefinitely, provided the information continues to meet the legal requirements for trade secret status. Instead, non-disclosure agreements (NDAs), among other measures, are commonly used to keep the information secret.
Like other IP assets, trade secrets may be sold or licensed. 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.
The precise definition of a trade secret varies by jurisdiction, as do the types of information eligible for trade secret protection. However, in general, trade secrets are confidential information that is:
All three elements are required. If any element ceases to exist, then the trade secret will also cease to exist.
Trade secret protection covers confidential information, which can include technical and scientific data, business and commercial information, and financial records. Even "negative" information, like failed experiments, can be valuable by helping companies avoid repeating costly mistakes.
In international law, while "trade secrets" and "confidential information" are often used interchangeably, trade secrets are technically a subset of confidential information. To qualify as a trade secret, confidential information must meet the specific requirements set by a country's national laws, which are often influenced by Article 39 of the TRIPS Agreement.
Commentators like A. Arthur Schiller have argued that trade secrets were protected under Roman law by a claim known as actio servi corrupti, meaning an "action for making a slave worse" or "an action for corrupting a servant." The Roman law is described as follows: