Trade Secrets
A trade secret is a type of intellectual property that protects a formula, process, or other business information that is valuable because it is not generally known or readily ascertainable and that the owner keeps secret in order to maintain a competitive advantage. Well-known examples of trade secrets include the formula for Coca-Cola, the recipe for Kentucky Fried Chicken, and the formula for Zildjian bronze cymbals.
Unlike other forms of intellectual property, trade secrets normally do not require formal registration, and they can remain protected indefinitely as long as they continue 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.
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