TRADE SECRET
A trade secret is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information not generally known or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers.
A trade secret covers basically three aspects:-
● Not known to the public.
● Should generate economic profit to the holder (specifically for not being known by the public).
● Subject of reasonable efforts to maintain its secrecy. The law of trade secrets, unlike the law of patents or copyright, is a creature of the common law rather than of statute. The development of the law of trade secret is based on cases brought before the court and the court has the discretion …show more content…
It may be a formula for a chemical compound, a process of manufacturing, treating or preserving material, a pattern for a machine or other device, or a list of customers.”
Trade secrets are defined under the Uniform Trade Secrets Act:-
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique or process that: derives independent economic value, actual or potential, from not being generally known to, and not being easily ascertainable by proper means, by other persons who can obtain economic value from its disclosure or use, and is the subject of efforts that are reasonable under circumstances to maintain its secrecy
Unfair Competition defines a trade secret in Section 39 as follows:
Definition of Trade Secret. A trade secret is any information that can be used in the operation of a business or other enterprise and that is sufficiently valuable and secret to afford an actual or potential economic advantage over …show more content…
The courts have held that, “although an employer is not entitled to restrain his servant after the termination of employment from offering competition, he is entitled to reasonable protection against exploitation of trade secrets.”
Remedies available: -
The remedies available to the owner of trade secrets is to obtain an injunction preventing the licensee from disclosing the trade secret, return of all confidential and proprietary information and compensation for any losses suffered due to disclosure of trade secrets.
Only civil or equitable remedies are available for the breach of faith.
The remedy includes permanent or interlocutory (temporary) injunctions to the other party.
Injunctions such as:
● Preventing the third party from disclosing trade secrets,
● The return of all the confidential reports and
A trade secret is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information not generally known or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers.
A trade secret covers basically three aspects:-
● Not known to the public.
● Should generate economic profit to the holder (specifically for not being known by the public).
● Subject of reasonable efforts to maintain its secrecy. The law of trade secrets, unlike the law of patents or copyright, is a creature of the common law rather than of statute. The development of the law of trade secret is based on cases brought before the court and the court has the discretion …show more content…
It may be a formula for a chemical compound, a process of manufacturing, treating or preserving material, a pattern for a machine or other device, or a list of customers.”
Trade secrets are defined under the Uniform Trade Secrets Act:-
“Trade secret” means information, including a formula, pattern, compilation, program, device, method, technique or process that: derives independent economic value, actual or potential, from not being generally known to, and not being easily ascertainable by proper means, by other persons who can obtain economic value from its disclosure or use, and is the subject of efforts that are reasonable under circumstances to maintain its secrecy
Unfair Competition defines a trade secret in Section 39 as follows:
Definition of Trade Secret. A trade secret is any information that can be used in the operation of a business or other enterprise and that is sufficiently valuable and secret to afford an actual or potential economic advantage over …show more content…
The courts have held that, “although an employer is not entitled to restrain his servant after the termination of employment from offering competition, he is entitled to reasonable protection against exploitation of trade secrets.”
Remedies available: -
The remedies available to the owner of trade secrets is to obtain an injunction preventing the licensee from disclosing the trade secret, return of all confidential and proprietary information and compensation for any losses suffered due to disclosure of trade secrets.
Only civil or equitable remedies are available for the breach of faith.
The remedy includes permanent or interlocutory (temporary) injunctions to the other party.
Injunctions such as:
● Preventing the third party from disclosing trade secrets,
● The return of all the confidential reports and