ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The most common and most effective way to protect trade secrets is through use of nondisclosure agreements (NDAs). Courts have repeatedly reiterated that the use of nondisclosure agreements is the most important way to maintain the secrecy of confidential information.

Detailed explanation-2: -Only patents and utility models can provide this type of protection. A trade secret may be patented by someone else who developed the relevant information by legitimate means, for example, inventions developed independently by others. Once the secret is made public, anyone may have access to it and use it at will.

Detailed explanation-3: -Trade secrets may include manufacturing, industrial and commercial secrets. The subject matter of trade secrets is usually defined in broad terms and may include manufacturing processes, distribution methods, advertising strategies, sales methods, consumer profiles, and lists of suppliers and clients.

Detailed explanation-4: -Examples of Trade Secrets Information that can be kept as a trade secret includes formulas, patterns, compilations, programs, devices, methods, techniques, or processes. Some examples of trade secrets include customer lists and manufacturing processes. The economic value of the information can be actual or potential.