What is a trade secret? How are trade secrets protected ?

A trade secret is any kind of information that is secret and not generally known in the relevant industry giving the owner an advantage over competitors. In other words, any information which can be used in business and is sufficiently valuable to afford an actual or potential economic advantage over others is a trade secret. Trade secret includes formulas, patterns, methods, programs, techniques, processes or compilations of the information providing competitive edge. Trade secrets are not protected by any law as a registered trademarks or a patent. Article 39 of TRIPS agreement protects for trade secrets in the form of 'undisclosed information' and provides a uniform mechanism for the international protection of trade secrets. These are protected by a variety of civil and commercial means. Any other person (including employees) with the potential to come to know the secret is asked to sign a confidentiality and/or non-disclosure agreement. Violation of these agreements generally entails financial penalties. In India, the only remedies available for the protection of trade secrets are civil or equitable remedies for a breach of confidence cause of action. They include: an award of injunction "preventing the third party from disclosing the trade secrets," and "confidential and proprietary information," and; In the case of "for any losses suffered due to disclosure of trade secrets." The court may order any damages or compensation to be given to the plaintiff. The court may also order the party at fault to "deliver up" such materials.