Elements Of A Trade Secret  

Trade secret is the type of information which belongs to a certain company and has to be kept confidential. It could be the very principle that the business runs on it is basically the type of information which contains the know how of the business model and is not known publicly and if known can be misused or used widely. It could be technical information, data, and secret recipes for food and beverage industries, drawing, financial processes and innovations.

It is unique information which people never come to know. The outcome is seen but not the process behind the outcome. This type of information is called trade secret. The term trade secret is also used in common language when someone has to specify that they cannot give out the information. So basically it means a secret. Patents are not trade secrets so they should not be confused with each other. Patents are usually share and they do not hide any information. Sometimes a trade secret is not even documented and it is entirely entrusted in the hands of an individual.

People who know the information should agree verbally or in a contract that they will keep it a secret. If the secret is lost, then the prospects for the business could be lost. For example, take KFC and even today people do not know what the exact recipe for the Kentucky Fried Chicken is. However, there are several products that resemble close to the KFC, and also many variants like the Southern Fired Chicken or any other.

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Elements Of A Trade Secret

Business Laws :

How-Can-Trade-Secret-Theft-Affect-Companies      When there is a trade secret involved then it is the top secret of the company. People who work for the company and if they come to know about the trade secret are not allowed divulging the information s per the non disclosure agreement. This is allowed only when the NDA has been signed with the employees. More..




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