Trade Secrets
ADVANCED IP PROJECT TRADE SECRETS
Submitted By Sonal Biswas ID-208111 5th yr LLB Introduction
This paper deals with trade secret and the various theories related to them. The researcher basically tries to take a look into what are problems with trade secrets and the tools that can be used to protect these trade secrets. To put it simply, every product, service or enterprise has something unique and original to it. The Original confidential information, knowledge and expertise lends that very business a competitive quality and edge which helps to attract customers. This very knowledge or information is considered a kind of intellectual property and is protected under the name of Trade secret. As given in restatement of torts also, Trade secret is 'any formula, pattern, device or compilation of information which is used in one 's business and presents an opportunity to obtain an advantage over competitors who do not know or use it. There are some conditions for the information to be considered a trade secret. The conditions might vary depending on other factors like the state’s policy or legal regime etc. But, Art. 39 of TRIPS Agreement can be considered a reference for uniform guidelines: * The information must be secret (i.e. it is not generally known among, or readily accessible to, circles that normally deal with the kind of information in question). * It must have commercial value because it is a secret. * It must have been subject to reasonable steps by the rightful holder of the information to keep it secret (e.g., through confidentiality agreements).
Protected trade secrets can range from technical knowledge, formulas or ingredients, to strategic decision-making such as pricing, marketing strategies, product development and budget information. However trade secret is to be differentiated from confidential information. Person who receives valuable or sensitive secret information in
Submitted By Sonal Biswas ID-208111 5th yr LLB Introduction
This paper deals with trade secret and the various theories related to them. The researcher basically tries to take a look into what are problems with trade secrets and the tools that can be used to protect these trade secrets. To put it simply, every product, service or enterprise has something unique and original to it. The Original confidential information, knowledge and expertise lends that very business a competitive quality and edge which helps to attract customers. This very knowledge or information is considered a kind of intellectual property and is protected under the name of Trade secret. As given in restatement of torts also, Trade secret is 'any formula, pattern, device or compilation of information which is used in one 's business and presents an opportunity to obtain an advantage over competitors who do not know or use it. There are some conditions for the information to be considered a trade secret. The conditions might vary depending on other factors like the state’s policy or legal regime etc. But, Art. 39 of TRIPS Agreement can be considered a reference for uniform guidelines: * The information must be secret (i.e. it is not generally known among, or readily accessible to, circles that normally deal with the kind of information in question). * It must have commercial value because it is a secret. * It must have been subject to reasonable steps by the rightful holder of the information to keep it secret (e.g., through confidentiality agreements).
Protected trade secrets can range from technical knowledge, formulas or ingredients, to strategic decision-making such as pricing, marketing strategies, product development and budget information. However trade secret is to be differentiated from confidential information. Person who receives valuable or sensitive secret information in
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