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A trade secret is a form of intellectual property comprising confidential information that is not generally known or readily ascertainable, derives economic value from its secrecy, and is protected by reasonable efforts to maintain its confidentiality. [1] [2] [3] Well-known examples include the Coca-Cola formula and the recipe for Kentucky ...
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Common types of intellectual property rights include copyright, trademarks, patents, industrial design rights, trade dress, and in some jurisdictions trade secrets. They may be sometimes called intellectual rights. See outline of patents for a topical guide and overview of patents.
In the United States, trade secrets are protected under state law, and states have nearly universally adopted the Uniform Trade Secrets Act. The United States also has federal law in the form of the Economic Espionage Act of 1996 ( 18 U.S.C. §§ 1831 – 1839 ), which makes the theft or misappropriation of a trade secret a federal crime.
A secret ingredient is a component of a product that is closely guarded from public disclosure for competitive advantage. Sometimes the ingredient makes a noticeable difference in the way a product performs, looks or tastes; other times it is used for advertising puffery. Companies can go to elaborate lengths to maintain secrecy, repackaging ...
Information can make the difference between success and failure; if a trade secret is stolen, the competitive playing field is leveled or even tipped in favor of a competitor. Although a lot of information-gathering is accomplished legally through competitive intelligence, at times corporations feel the best way to get information is to take it ...
A German-Canadian resident of China was sentenced to 24 months in prison in the U.S. for stealing electric vehicle trade secrets from Tesla for his competing EV battery business, the U.S ...
By law, trade secrets which, according to the bill, have been created, inter alia, by an independent discovery or creation, [10] are subject to uniform minimum protection throughout the European Union. Those who can invoke the law are provided with effective tools to defend themselves against unauthorized acquisition, use or disclosure of trade ...