Trade Secret Law - Legal Protection of Trade Secrets
Competition is growing day by day and in this competitive world it is essential that the businesses protect their technical knowhow, their business process and other confidential information from their competition. This information which forms the essence of a business is collectively known as trade secrets and like the other intellectual property rights are valuable to the business. Trade secret thus refers to data or information relating to the business not generally known to the public. Trade secret generally gives the business a competitive edge over their rivals. As per TRIPS information is said to be trade secret provided:
- It must not be generally known or readily accessible by people who normally deal with such type of information
- It must have commercial value as a secret
- The lawful owner must take reasonable steps to keep it secret.
Customer lists, business information, employee details, financial records, data compilations, business plans and strategies, formulae, designs, drawings, algorithms etc, could all amount to trade secrets. Trade secret need not be something that is novel or anything of that sought the only important requirement is that it must be a secret.
We provide the following services in this regard:
Draft Trade Secret Policy
We would identify and prioritize the secrets essential for your business on the basis of their value and sensitivity. On the basis of the same we would draft the Policy, the same would also describe the consequences of breach of such policy.
Draft Trade Secret Agreements
In order to protect the trade secrets of your business we would draft agreements related to employment, non disclosure etc which would give adequate protection to your trade secrets.
For any information to be categorized as trade secret it has to be maintained in a certain manner and must have certain essentials. We would provide you adequate legal advice in this regard to ensure that the crucial information related to your business can be adequately classified as trade secret and protected for the same.
As it is said “Prevention is better than cure”, in the same way it is better to protect your business secrets before your competitor takes advantage of such information. Our team is well equipped to advice you in matters related to trade secrets. Our team is also experienced in drafting adequate agreements protecting your trade secrets.