A SILENT SHIELD OF PROTECTION: TRADE SECRETS

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Trade secret

The term “trade secret” is not expressly defined in a singular, universal way, as it has evolved gradually at both the U.S. state and federal levels. It was first formally addressed in 1979, when the Uniform Law Commission published the Uniform Trade Secrets Act (UTSA). Later, in 2016, Congress enacted the Defend Trade Secrets Act (DTSA), which provided additional definitions and federal-level protection. Various judicial interpretations have followed, but certain core elements remain consistent across definitions.

A trade secret generally refers to confidential information that drives a business’s success and includes the following elements:

  • The information is secret or not publicly known.

  • It provides economic value or a competitive advantage in the market.

  • The owner has taken reasonable steps to maintain its secrecy.

As a general principle, almost every company possesses some form of trade secret. Trade secrets can include anything that gives a business a competitive edge and is not otherwise protected under copyright, trademark, or patent law. These may include recipes, formulas, algorithms, databases, customer lists, strategic plans, and more.


Renowned Trade secrets


coca- cola

Recipe

Google

Search algorithm 

KFC- Kentucky fried chicken 

Ingredients of their recipe 

MC Donald’s 

Big mac special sauce


Longevity of Trade secret


Trade secrets are not registered with any government agency, which sets them apart from other forms of intellectual property. As a result, their protection relies on alternative legal mechanisms, such as contracts, non-compete agreements, non-disclosure agreements (NDAs), and similar legal documents. These instruments outline obligations and restrictions to prevent individuals with access to trade secrets from disclosing or misusing them. Attorneys carefully draft these agreements to restrict disclosure and ensure that trade secrets remain confidential, particularly from competitors.
It is essential for attorneys to clearly define the terms within such contracts. Since trade secrets are not registered, attorneys have the discretion to determine the duration and expiration of protective agreements. Therefore, it is crucial to explicitly mention the expiration date within these documents. If a trade secret is publicly disclosed or otherwise loses its confidentiality, the owner loses the exclusive rights and associated legal protections.
If any party to the contract violates its terms, they may be subject to legal consequences under U.S. Code Title 18, Part I, Chapter 90, Section 1832, which addresses the theft of trade secrets. Misappropriation of trade secrets is considered a serious offense and can lead to criminal proceedings against the violator.



Comments

  1. UnknownThursday, February 10, 2022 at 7:59:00 PM GMT+5:30

    It’s wonderful to see someone sharing something knowledgeable
    Keep it up

    ReplyDelete
  2. UnknownThursday, February 10, 2022 at 8:43:00 PM GMT+5:30

    An other outstanding piece of article on a topic that is far more relevant but less discussed . Kudos to you for enlightining me on Trade Secret..........

    ReplyDelete
  3. UnknownSaturday, February 12, 2022 at 2:03:00 PM GMT+5:30

    Very well written !

    ReplyDelete
  4. UnknownSaturday, February 12, 2022 at 2:05:00 PM GMT+5:30

    Well written. Thank you for enlightening !

    ReplyDelete
  5. UnknownThursday, February 17, 2022 at 6:52:00 PM GMT+5:30

    Keep up the good work.

    ReplyDelete

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