Confidential Information & Trade Secrets
Intellectual Property
Trade secrets are a form of IPRs in relation to confidential information which can be sold or licensed. Such may include a secret formula or recipe, technical information such as research and engineering data, processes, source codes, financial or business information etc. Since trade secrets are not public information such as patents, some owners prefer not to patent their invention for fear of disclosure of secret technical information which they would rather protect solely as trade secrets. Famous examples of trade secrets would be the secret formulas for Coca-Cola and KFC’s Original Recipe for its 11 herbs and spices which have been highly safeguarded.
The term ‘trade secrets’ is often used interchangeably with ‘confidential information’.
To qualify for protection, several key elements must be established including:
- The information must be of confidential nature.
- The information must be communicated only in circumstances importing an obligation of confidence.
- The use of the information in an unauthorised way would cause detriment to the rightful holder of the information.
Therefore, it is imperative that appropriate measures be taken by the owner of the information to keep it confidential.
Our team is able to advise on practical and cost-efficient strategies to protect your confidential information and trade secrets including assisting to prepare adequate corporate policies, handbooks, as well as confidentiality clauses or non-disclosure agreements (NDAs).
Including assisting to prepare adequate corporate policies, handbooks, as well as confidentiality clauses or non-disclosure agreements (NDAs).
