Trade secret is a specific process, formula, design or method which is not easily ascertainable by others and is kept as a secret. In other words it can also be classified as confidential information. In order to qualify as a trade secret the information must be maintained in a particular manner and must have certain essentials as only then can it be classified as a trade secret. For information to be classified as a trade secret it must be:

• something which is not generally known to all,
• holder of the information derives some economic benefit from it,
• holder of the information derives some economic benefit from it,

If the information does not have any of the above stated features then it cannot be classified as a trade secret and cannot be granted protection as a trade secret either. Financial records and data, business plans and strategies, customer lists, details of employees all of this can be classified as a trade secret of a business entity provided it is maintained as a secret. All these details if leaked out to the competitors of the business entity can have devastating effect. It is for this reason that the business entities must take reasonable steps to ensure their respective trade secrets are secure and well protected.

The legal mechanisms which can be employed to further ensure the protection of these trade secrets are:

• Confidentiality and Non - Disclosure agreements - These agreements would ensure that your trade secrets (confidential information) are not disclosed to your competitors and to others in the industry.
• Employee agreements - These agreements with your employees would further ensure that your confidential information is kept confidential.
• Non- compete agreements - These agreements would further ensure that the employees post termination do not use your confidential information for their advantage.
• Trade Secret Policy - The policy would ensure that all those who deal with or handle the confidential information deal with it in the manner as prescribed in the policy. The policy must also specify the consequences in case that the policy is breached.

The services offered by us in this regard include:

• Advisory opinion regarding the mechanisms to protect such trade secrets,
• Draft confidentiality agreements,
• Draft employment agreements,
• Draft non-compete agreements,
• Draft trade secret policy

We at Biz & Legis understand the importance of your confidential information and we assure you that we would all the needful in order to ensure that your trade secrets are well secured