A trade secret is an IPR that is with the holder indefinitely or rather as long as he can keep his secret as a trade secret. To enable an enterprise to keep something as a trade secret, the holder must ensure secrecy agreements with the employees in the business. These can be built into the service contract agreements.
For information to be treated as a trade secret, it is necessary that there should be commercial value associated with the information, that this commercial value would be lost, damaging the commercial interests of the holder of the trade secret and that the holder had taken reasonable care to protect the secret so that its loss would be possible only through an illegal access.
Intellectual property rights can be defined as the rights given to people over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creations for a certain period of time.