trade secret

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trade secret

1. Literally, a particular way of making something that a company keeps secret from competitors. The recipe for our famous rib sauce has been a trade secret for decades.
2. By extension, any secret one keeps about the way one makes or does something. A: "How do you get the colors in your pictures to turn out so brilliantly?" B: "Sorry, trade secret."
See also: secret, trade

trade secret

 
1. Lit. a secret way of making or selling a product; a business secret. The exact formula of the soft drink is a trade secret.
2. Fig. any secret method. (Jocular.) A: How do you manage to sell so many of these each month? B: It's a trade secret.
See also: secret, trade

a ˌtrade ˈsecret


1 a secret about a particular company’s method of production: The ingredients of Coca-Cola are a trade secret.
2 (humorous) a secret about how you make or do something: ‘Can I have a recipe for this cake?’ ‘No, you can’t. It’s a trade secret.’
See also: secret, trade
References in periodicals archive ?
(72) See The Surprising Virtues of Treating Trade Secrets as IP
(77) See Uniform Trade Secrets Act With 1985 Amend., 18 U.S.C.S.
(83) See Adam Cohen, Securing Trade Secrets in the Information Age:
how owners derive economic value from trade secrets).
Trade secret litigation tends to move relatively quickly.
Property-based models of trade secret litigation have a significant impact on employee occupational mobility and the ability of employees and business owners to start additional ventures based upon trade secrets learned in prior commercial ventures.
Protecting Trade Secrets Through Relational Approaches and Breaches of Confidence
Protecting Trade Secrets and the Doctrine of Inevitable Disclosure
You should also have a company-wide trade secret policy in place and make sure all your employees are familiar with it.
The security approach to protect information from hackers is similar to the approach to protect trade secrets. But because trade secrets are often taken by departing employees, there are some additional considerations.
What constitutes "reasonable" protection varies by business and depends on the nature of the trade secrets. So there is no single checklist of protections that is applicable in all situations.
As an initial matter, it is helpful for a business to understand where its trade secrets are kept and determine what protective measures and retention policies are applicable to them.