A trade secret is a type of intellectual property. Secrecy is the most common form of business protection. A trade secret is information that you do not want the competitors to know about. It is not publicly known information for which the owner has taken the steps to protect the secrecy. These include information, such as sales methods, business, advertising strategies, lists of suppliers, clients and etc…
Advantages of trade secret
Trade secret protection has the advantage of not being limited in time. It may continue as long as the secret is not revealed to the public.
Trade secrets dont include registration costs
The effect of trade secrets is immediate.
Trade secret protection lasts until the information is not secret, or the owner doesn’t do anything to protect secrecy.
Protection of commercial secrets, on the one hand, prevents information leakage, that is, undertaking secrecy measures, and on the other hand, if the information leak happens and the perpetrators are detected, they are subject to legal liability.
The owner of commercial secrecy has the right to use the confidentiality of the information being protected.
The right to choose these funds belongs only to those who possess the secret. He can use technical means to develop organizational measures, instructions for confidentiality, instructions for working with documents, rules of conduct for secret employees, responsibility for disclosing secrets, etc.
Trade secret owner has the right to demand from third parties to refrain from illegally obtaining information constituting a commercial secret.
Be careful and know your rights. Only in this case the law will be on your side.