Trade secrets areIP rights on confidential information which may be sold or licensed. In general, to qualify as a trade secret, the information must be:
In general, to qualify as a trade secret, the information must be:
- commercially valuablebecause it is secret,
- be known only to alimited group of persons, and
- be subject toreasonable steps takenby the rightful holder of the information to keep it secret, including the use of confidentiality agreements for business partners and employees.
The unauthorized acquisition, use or disclosure of such secret information in a manner contrary to honest commercial practices by others is regarded as an unfair practice and a violation of the trade secret protection.