Today, with ever-increasing business competition in every sector, the need for safety and security to the trade secrets, has intensified manifold. A Trade Secret is an absolutely confidential information related with the efficient and profitable business of a company, institution, or organization of any sector, which enables it to obtain a competitive advantage and edge over its competitors or rivals. In some countries, these trade secrets are therefore called the 'Confidential Information'. Example of a trade secret is the Formula used by Coca-Cola beverage company. According to the trade related aspects of intellectual property rights (TRIPS) established by GATT, any trade secret must possess the following three characteristics:
- Anonymity and Secrecy to General Public or Competitors
- Economic or Commercial Worth
- Adequate Perennial Endeavor by its owners to keep it up confidential and secret to others
A trade secret can be anything associated with the products or services of an organization, or process of manufacturing or marketing, business plans or strategies, core competencies, theoretical or practical expertise, production technology, quality, ingenuity, etc. NAFTA (North American Free Trade Agreement) and GATT (General Agreement on Tariffs and Trade) strongly advocate effective protection against any misappropriations of trade secrets without the proper consent of the owners of these, in order to establish honest and fair commercial practices. The trade related aspects of intellectual property rights (TRIPS) Agreement puts obligatory responsibility on all member States to GATT through its Article 39.
Trade Secrets Law and Legal Services
The trade secrets are protected in different ways than those used in the cases of trademarks, copyrights, or patents. In some countries of the world including USA, Mexico, Brazil, Korea, Israel, China, etc., there are special laws and legal services of trade secret for fair business and trade practices. Global Jurix one of the fully-fledged legal organizations with global prominence and reputation, provides the following legal services of trade secret for protecting your trade secrets, in the domestic and international arenas of all around the world:
- Employment Agreements and Trade Secret Policies: with employees which bear clauses of full confidentiality, non-disclosure, and non-compete, even after termination of employment.
- Non-Disclosure Agreements (NDAs): with employees and other business supporting companies, to keep their trade secrets confidential and safe.
- Adequate Confidential Documentation: serving as ownership and creditability evidence, in case of any trade secret disputes.
- Security Systems: designed with authentication technologies and scrupulous security checks to be accessible only to select professionals and business owners or managers, for safeguarding and protecting your trade secrets.
- NAFTA and GATT Provisions: NAFTA and GATT have adequate provisions and policies for protecting your trade secrets against unauthorized acquisition, disclosure, misappropriation, or violation of the trade secret laws. Remedies suggested for these are - injunctive reliefs, damages, and provisional relief to prevent such infringement.