Trade Secrets
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A trade secret is a form of intellectual property (IP) comprising confidential information that is not generally known or readily ascertainable, derives economic value from its secrecy, and is protected by reasonable efforts to maintain its confidentiality. Well-known examples include the Coca-Cola formula and the recipe for Kentucky Fried Chicken.
Unlike other forms of IP, trade secrets do not require formal registration and can be protected indefinitely, as long as they remain undisclosed. 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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