Information shall be owned by the business and such information will be protected as a secret from everyone except certain key individuals within the business or company and can be divulged within parameters set by these key individuals on behalf of the company.
Trade secrets can be licensed or assigned. In a trade secret licence, the licensor permits a 3rd party to use the licensor’s trade secret. The licensor remains the owner of the trade secret and will be able to receive royalties from the licensee’s use of the trade secrets. The ownership of a trade secret may also be assigned to another party. Once the trade secret has been assigned, it will no longer belong to the assignor who usually owes the assignee strict duties to maintain confidentiality of the trade secret.